Item No. 8: Annual Presentation by Macquarie Investment Management (MIM) – Extended Global Credit Manager (June 24, 2020, Regular Retirement Board Meeting) ______

INVESTMENT MANAGER SUMMARY

MANAGEMENT Firm Name Macquarie Investment Management Manager Tenure with Fund 4.75 years Investment Strategy/Vehicle Extended Global Credit Contract Expiration 01/31/2021

ASSETS Total Firm AUM (as of 03/31/2020) $225.2 Billion Total Firm Assets in Strategy (as of 03/31/2020) $54.2 Billion Total Assets Managed for the Plan (as of RP - $683.4 Million 04/30/2020) HP - $114.7 Million

PERFORMANCE as of 04/30/2020 1-Year 2-Year 3-Year Inception* MIM Global Extended Credit (gross) 2.63% 4.15% 3.48% 4.39% MIM Global Extended Credit (est. net) 2.46% 3.98% 3.30% 4.21% BC Global Credit / BC High-Yield 1.31% 3.57% 3.12% 4.58% Difference (net) 1.15% 0.41% 0.18% -0.37% *Performance inception date of 09/01/15

FEES Current Fee 0.17% Flat Rate

WATCH STATUS Placed on organizational watch on November 9, 2016.

PREVIOUSLY DISCLOSED LITIGATION

Not Applicable

8

Macquarie Investment Management Global Credit

Presentation to: Los Angeles Department of Water & Power

June 24, 2020

Global Credit LA Water – 2020 annual

For Institutional Investors and Investment Professionals Only. Important notice and disclaimer

This information is confidential and intended for the audiences as indicated. It is not to be distributed to or disclosed to retail investors. The views expressed in this document represent those of the relevant investment team and are subject to change. No information set out in this document constitutes advice, an advertisement, an invitation, a confirmation, an offer or a solicitation, to buy or sell any security or other financial product or to engage in any investment activity, or an offer of any banking or financial service. Some products and/or services mentioned in this document may not be suitable for you and may not be available in all jurisdictions. Investing involves risk including the possible loss of principal. The investment capabilities described herein involve risks due, among other things, to the nature of the underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realised or any investment strategy seeking to achieve such objective will be successful. Past performance is not a reliable indication of future performance. Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and seek advice. Other than Macquarie Bank Limited (MBL), none of the entities noted in this document are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. Please see the end of this document for further important information.

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 2 Contents 01 Organization and team overview 02 Relationship and portfolio summary 03 Appendix 04 Holdings

Global Credit LA Water – 2020 annual

For Institutional Investors and Investment Professionals Only. 01 Organization and team overview

Global Credit LA Water – 2020 annual

For Institutional Investors and Investment Professionals Only. Macquarie Group Diversified global business with 50 years of unbroken profitability

Macquarie Investment Management Equities / Fixed income / Listed alternatives $225.2B Banking and Financial Services 14% Macquarie Infrastructure and Real Assets Direct investments in infrastructure / Energy / Macquarie Asset Real estate / Agriculture $136.9B Management Macquarie Asset information as of March 31, 2020. Capital 40% Assets under management (AUM) is calculated as the proportional ownership interest in the underlying 14% assets of funds and mandated assets that Macquarie actively manages or advises for the purpose of wealth creation, adjusted to exclude cross-holdings in funds and reflect Macquarie's proportional ownership interest of the fund manager. AUM excludes uninvested equity in MIRA. All dollar figures are in US dollars, unless denoted otherwise.

Commodities and Global Markets 32%

Asset management is a significant Split based on FY19 net profit contribution, calculated as management accounting profit before unallocated corporate costs, profit share and income tax. As of March 31, 2020. contributor to firm results Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 5 Fixed Income overview A global full-service provider of investment solutions and a trusted partner

MFI at a glance Our offering ⚫ A history built in our two home markets: ⚫ Deep and experienced team with easy client access the US and Australia to key investment personnel ⚫ $US128 billion of assets under management for ⚫ A proposition based on customized solutions that 150 clients in 13 countries address client needs ⚫ Four investment hubs with over 110 investment ⚫ Over 70% of our strategies outperforming their professionals relevant benchmarks over 3 years and close to 80% over 5 years*

LONDON PHILADELPHIA NEW YORK SYDNEY

Data as of 31 March 2020. $128 billion is a subset of the total $146 billion and excludes specific fixed income client assets with our regional asset management centres in Europe and Asia. *Prior to the unprecedented and broad-based volatility during March 2020, which affected all markets, MFI’s strategies have demonstrated strong performance, with 92% of our strategies outperforming their relevant benchmarks over 3 years and 85% over 5 years. Past performance is not a reliable indicator of Global Credit LA Water – 2020 annual | For Institutional future performance. Investors and Investment Professionals Only. PAGE 6 A broad offering of investment solutions

Single- Corporate High Bank Emerging Securitised Municipal Australian sector Cash Bonds Yield Loans Markets Debt Credit Bonds Fixed Income strategies

Multi-sector US Core US Strategic Absolute Un- Multi-Asset Emerging US Core Global Bonds strategies Plus Income Return constrained Credit Markets Debt

Pension Specialised Private Secured Multi Insurance Buy and Transition solutions Currency solutions Placements Finance Asset Solutions Maintain Management (LDI/CDI)

Investment Solutions and Strategy Markets and Quantitative Research

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 7 A global platform Dedicated investment teams

Global Head and CIO | Brett Lewthwaite US Credit – Investment Grade and Buy and Maintain US Core/Core Plus Portfolio Management Global Credit Michael Wildstein, CFA Wayne Anglace, CFA Mathew Butler, CFA Roger Early, CFA David Hillmeyer^, CFA David Hanna Gary Ding, CFA 19 years 22 years 14 years 44 years 27 years 25 years 11 years Team Head Senior Portfolio Manager Senior Portfolio Manager CIO US Fixed Income Co-Head Core Plus/US multisector Senior Portfolio Manager Portfolio Manager Kashif Ishaq Bill Stitzer Clarke Gilbert Brian McDonnell*, CFA Daniela Mardarovici, CFA Andrew Vonthethoff, CFA Trevor Draper, CFA 18 years 23 years 13 years 31 years 20 years 13 years 10 years Head of Credit Trading & PM Senior Portfolio Analyst Assoc. Portfolio Manager Head of US Core Co-Head Core Plus/US multisector Senior Portfolio Manager Portfolio Manager Scott Schroeder Molly Belcher Rich Filip Peter Seelig^^, CFA Eagle Chang Manroop Singh 18 years 6 years 23 years 17 years 7 years 4 years Senior Trader Trader Trader Portfolio Manager Assoc. Portfolio Manager Assoc. Portfolio Manager US Credit – High Yield/Bank Loans Global Rates and Currency Emerging Markets Debt John McCarthy, CFA Adam Brown, CFA Frank Strenger Ed Lawless Matthew Mulcahy Eric Frei 33 years 22 years 25 years 12 years 23 years 23 years Alex Kozhemiakin, CFA Gyula Toth, CFA Senior Portfolio Manager Senior Portfolio Manager Senior Trader Trader Head of Rates Senior Portfolio Manager 23 years 18 years Team Head Senior Portfolio Manager David Ashton, CFA Lloyd Alty Mansur Rasul Cathy Elmore Municipal Bonds 20 years 25 years Senior Portfolio Manager Senior Portfolio Manager 18 years 30 years Senior Portfolio Manager Senior Sovereign Analyst Shaughn Wilkie Rachael Boyte, CFA Greg Gizzi Steve Czepiel Jake van Roden Javier De la Vega, CFA Valeria Cisnero, CFA 27 years 7 years 5 years 15 years 36 years 38 years 16 years Senior Portfolio Manager Portfolio Manager Team Head Head of Portfolio Management Portfolio Manager Sovereign Analyst Senior Credit Analyst Denise Franchetti, CFA Kevin Schildt, CFA Cliff Fisher Brian Scotto Anthony Cameron, CFA Sean Simmons, CFA Yixi Yang 32 years 40 years 37 years 25 years 7 years 20 years 4 years Co-Head of Research Co-Head of Research Senior Analyst Senior Portfolio Manager Assoc. Portfolio Manager Senior Trader Assoc. Credit Analyst Bruno Rovai Colleen Spagnuolo, CFA Kevin Bock Ryan Ciavarelli, CFA Luke Goldsmith, CFA Tom Keegan, CFA 15 years 12 years 12 years 18 years 19 years 16 years Sovereign Analyst Senior Analyst Senior Analyst Senior Analyst Portfolio Manager Portfolio Manager David Kiefer, CFA William Roach Charles Vicente Money Market and Cash 12 years 11 years 17 years Analyst Senior Trader Senior Portfolio Analyst / Trader Renaye Skidmore Beth Wallace, CFA Kathleen Burst 23 years 19 years 33 years Senior Portfolio Manager Senior Portfolio Manager Senior Portfolio Manager

Structured Products Derivatives Investment Solutions and Strategy Steve Juszczyszyn Alex Wei Philip Obazee Jeffrey Morrow, CFA Alex Clamen Paul Matlack, CFA Zoe Bradley Sarah Scanlon, CFA 29 years 24 years 34 years 13 years 16 years 35 years 23 years 13 years Senior Portfolio Manager Senior Analyst Head of Derivatives Derivatives Trader Team Head Senior Client PM Senior Investment Specialist Senior Investment Specialist Ricardo Porras Nael Wahaidi Dante Gizzi, CFA Edward Leung, CFA Emma FitzGerald Lachlan Smith Grace Tang 34 years 22 years 4 years 13 years 8 years 2 year 1 year Senior Trader and Analyst Senior Trader and Analyst Assoc. Derivatives Trader Senior Investment Specialist Portfolio Specialist Assoc. Portfolio Specialist Assoc. Portfolio Specialist

*Also member of Structured Products team ^Also member of Global Credit team ^^Also member of the US Credit team Global Credit LA Water – 2020 annual | For Institutional Based in the US Based in Europe Based in Australia Investors and Investment Professionals Only. PAGE 8 A global platform with a philosophical focus on research

Private Public | Investment Grade and High Yield Markets and Quantitative

Frank LaTorraca Craig Dembek, Jason Argyris, Sajod Moradi, Guido DeAscanis, Adrian David, Dean Stewart Terrance O’Brian 19 years CFA CFA CFA CFA CFA 26 years 25 years 13 years 15 years 20 years 20 years Alex Alston, CFA Head of Credit Team Head Research Technology, Telecom, Retail Energy /E&P, Global infrastructure, William Keelan 24 years 26 years Healthcare Pipelines, Refineries, Australian non- 32 years Co-Heads of Banking, Sam McGarity, Oilfield services financial Private Placements Financial services, Andrew Bostick, CFA corporates Graham McDevitt Karin Kelly Andrew Hill, CFA 24 years Nicole Tullo REITs CFA 12 years 36 years 8 years Cable/Satellite, 11 years Adam Daman, 24 years Global Strategist James Nieuwland, Industrials, Publishing, Theatres, Utilities, Chemicals CFA Carlo Prestileo Philip Lee, CFA CFA Aerospace/Defence, Diversified media, 15 years 23 years Jack Kenefic, CFA 16 years 7 years Transportation, Broadcasting Australasian 17 years Edward Komla- Insurance, Lodging/ Equipment/ Auto, financials, Patrick Er Karl Spaeth, CFA Autos/Auto parts, Leisure, Restaurants, Rentals Cristina Shen, Structured products 26 years Adzimahe 20 years Metals and mining, Business services CFA 22 years Bryant Bankhead Steel, Kevin Ng Jamie Chiarieri 6 years 17 years Consumer products, Paper/Packaging 14 years Gang Ni 20 years Georgina Blakeley Robert Perry Food/Beverage/ Homebuilders, 22 years 3 years 15 years Damien Wee Tobacco, Building materials, Brendan Dillon Gaming European industrials 10 year 20 years Health insurers, Supermarket/ Laura Disantis Pharmaceuticals Drugstores Liyang He 21 years Lindwood Wilmer 3 years 16 years Keith Kwis Sam Dushkin, 3 years Associate Analyst Anthony Tsingos 10 years 2 year

Joseph Zalewski, 23 years Distressed Debt Workout Specialist

Members of dedicated investment teams Emerging Markets Debt Municipals Structured Products Based in the US

Cathy Elmore Javier De la Vega Denise Franchetti Kevin Schildt Cliff Fisher Kevin Bock Ricardo Porras Nael Wahaidi 30 years 5 years 32 years 40 years 37 years 19 years 34 years 22 years Based in Europe Valeria Cisnero Yixi Yang Bruno Rovai Colleen Spagnuolo Ryan Ciavarelli David Kiefer Alex Wei 15 years 4 years 12 years 18 years 16 years 12 years 24 years Based in Australia

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 9 A large and experienced team

Total Team experience (years) Average experience number Average experience with MIM

Portfolio managers 36

Fundamental analysts 40

Traders 15

Markets and quantitative research 15 Portfolio specialists 7

0 yrs 10 yrs 20 yrs

Asset breakdown by capability ($US billion) Asset breakdown by security ($US billion)

Money Municipals Non- Market 9.0 Investment 0.2 Corporate Other* Private grade - MBS Other 11.3 Australia placement Intermediate 8.4 0.6 28.9 14.4 20.0 CMBS 1.9 Investment ABS grade - Long 3.1 duration 19.6 Global fixed Government income 6.9 13.3 Corporate bonds 29.5 Municipal 11.1 Private placements US High yield / Diversified 14.4 US Core Bank loans Cash/Short- fixed income fixed income 1.9 term Non-U.S. Emerging High yield 14.6 16.3 16.3 9.8 markets 3.3 1.5 Managing relevant solutions for our clients Global Credit LA Water – 2020 annual | For Institutional Data as at 31 March 2020. *Other includes Currency assets (which are based on the size of the underlying portfolio being Investors and Investment Professionals Only. hedged) and derivatives PAGE 10 A disciplined global approach In-depth research and strong conviction

⚫ Permanent communications between our 4 investment hubs

⚫ MFI has a Strategic Forum that focusses on the medium term view and risks for each asset class — An open forum to debate and ensure market views are robust and thorough — Supported by in-depth analysis and research

⚫ Our weekly global investment strategy meetings constantly test the Strategic Forum’s outcomes

⚫ Other regular formal and informal team meetings

A disciplined and global approach to managing portfolios Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 11 Water and Power Employees’ Retirement Plan

Lead Portfolio Manager | David Hillmeyer

Investment Grade High Yield Emerging Market / International

David Hillmeyer John McCarthy and Adam Brown Alex Kozhemiakin and Mansur Rasul Portfolio Manager Portfolio Managers Portfolio Managers

Institutional Relationship Credit Research Management

Craig Dembek Skip Corkran Head of Credit Research Kelly Vaughan 17 Credit Analysts Matt Bolger

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 12 02 Relationship and portfolio summary

Global Credit LA Water – 2020 annual

For Institutional Investors and Investment Professionals Only. Relationship summary

Overview

Relationship inception August 21, 2015

Investment style Global Credit Fixed Income

Bloomberg Barclays Global Credit 66.7% Benchmark Bloomberg Barclays Global High Yield 33.3%

Employees’ Retiree Health Financials Retirement Plan Benefits Fund

Initial investment $525.5M $87.3M

Net contributions / withdrawals $35.1M $6.6M

Current portfolio value $685.4M $115.1M

Total portfolio gains (since inception) $124.8M $21.2M

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 14 Performance summary Water & Power Employees’ Retirement Plan | as of April 30, 2020

Water & Power Employees’ Retirement Water & Power Employees’ Retirement Bloomberg Barclays Global Credit 66.7% / Plan (WPERP) (gross of fees) Plan (WPERP) (net of fees) Bloomberg Barclays Global High Yield 33.3%

4.45 4.57 4.48 4.46 4.27 4.09 3.61 3.44 3.11 2.77 2.59

1.31 Percent

-3.37 -3.42

-4.47 April YTD One year Three years Since inception (8/31/2015)*

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. * Performance is calculated as of the first full month following inception. PAGE 15 Performance summary Retiree Health Benefits Fund | as of April 30, 2020

Retiree Health Benefits Fund (RHBF) Retiree Health Benefits Fund (RHBF) Bloomberg Barclays Global Credit 66.7% / (gross of fees) (net of fees) Bloomberg Barclays Global High Yield 33.3%

4.57 4.49 4.48 4.48 4.30 4.09 3.63 3.45 3.11 2.76 2.59

1.31 Percent

-3.52 -3.58

-4.47 April YTD One year Three years Since inception (8/31/2015)*

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. * Performance is calculated as of the first full month following inception. PAGE 16 Current environment and outlook Macro environment

⚫ The sudden global economic impact of COVID was met with unprecedented monetary and fiscal policy responses ⚫ The mix and content of policy will lead to different outcomes ⚫ This crisis affects the largest sector in western economies: Services ⚫ Technology and the internet now make available real time views of activity via high frequency data indicators ⚫ Potential for greater substitution across industries as society behavior’s change ⚫ Massive global policy response will help further mitigate the fundamental impact of the shut down – will it be enough?

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 17 Current environment and outlook Market environment

⚫ Over $12 trillion of negative yielding debt globally ⚫ Likelihood of materially higher interest rates in developed world remains low ⚫ Investors found confidence in central bank bond buying programs ⚫ Low yields, coupled with monetary policy responses, resulted in record investment grade issuance in the US ⚫ Implementation of Federal Reserve FX swap lines (amongst other factors) contributes to relatively unattractive opportunity for US investors to invest offshore

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 18 One-year performance attribution Water & Power Employees’ Retirement Plan | as of 4/30/20

Contributors to performance: ⚫ Sector allocation to Developed High Yield ⚫ Sector allocation to Emerging Market High Yield ⚫ Security selection within Developed High Yield ⚫ Yield curve management

Detractors from performance: ⚫ Sub sector and security selection within Developed High Grade ⚫ Security selection within high grade Emerging Markets ⚫ Security selection within Energy sector ⚫ Sector allocation to Supranationals

Global Credit LA Water – 2020 annual | For Institutional Attribution is a representation based on holdings and may differ from actual performance. Past performance does not Investors and Investment Professionals Only. guarantee future results. PAGE 19 Performance attribution: summary Water & Power Employees’ Retirement Plan | one-year performance attribution as of April 30, 2020

66.7%Global Credit / 33.33 Water & Power Employees’ Retirement Plan Attribution Global HY Hedged

Absolute Average Absolute BP Diff BP Impact Allocation % Sector Credit Return % Allocation % Return % Total Total 2.77 100 276.7 1.31 100 110 36 146 Government 7.54 3 24.9 18 0 18 Treasuries (Non-TIPS) 7.54 3 24.9 Credit (HG) 6.61 56 355.4 7.11 57 -3 -23 -26 Developed 7.19 49 333.4 7.53 50 -5 -14 -19 Emerging Market 2.77 8 22.1 4.15 7 2 -9 -7 Credit (HY) -5.19 37 -152.7 -6.09 43 58 59 117 Developed -1.88 25 -19.3 -3.81 29 21 57 78 Emerging Market -10.55 12 -133.4 -10.71 15 37 2 39 MUNI 10.64 0 2.3 2 2 Cash/Short term/Other 0.00 3 7.9 -4 -4 Futures/Options/Swaps 38.9 39 39

Global Credit LA Water – 2020 annual | For Institutional Attribution is a representation based on holdings and may differ from actual performance. Past performance does not Investors and Investment Professionals Only. guarantee future results. PAGE 20 Portfolio characteristics Water & Power Employees’ Retirement Plan | as of April 30, 2020

Duration Market Value % Nominal Yield Option Adjusted Spread Contribution Notional Security Description Portfolio Benchmark Active Market Portfolio Active Portfolio Active Portfolio Active Value % Total 100.0 100.0 0.0 103.9 5.92 -0.01 4.08 -0.76 352 -82 Treasuries 2.7 0.0 2.7 2.7 0.04 0.04 0.20 0.59 -1 -38 Government Related 6.6 7.9 -1.3 6.6 0.22 -0.23 0.77 0.29 46 -8 Emerging Markets 19.4 20.8 -1.3 19.4 1.12 -0.03 7.05 -0.51 633 -64 Public Corporates 62.2 70.7 -8.5 62.2 3.87 -0.37 3.61 -0.74 309 -92 Bank Loans 6.6 - 6.6 6.6 0.05 0.05 5.70 5.70 508 508 US Municipals 0.3 0.6 -0.3 0.3 0.02 -0.05 2.76 -0.44 229 4 Cash Securities 2.2 - 2.2 2.2 0.00 0.00 0.16 0.16 0 0 Ratings Profile Currency Exposure 40% Currency Portfolio Market Value % 30% Total 100.0 20% 10% CAD 0.0 0% -10% EUR 4.3 AAA AA A BBB BB B CCC CC C D Not Rated GBP 0.7

Portfolio Active USD 94.9

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 21 Emerging markets country risk Water & Power Employees’ Retirement Plan | as of April 30, 2020

10 Largest Country Underweights by Duration x Spread 10 Largest Country Overweights by Duration x Spread Market Value % DxS Tsy Contribution Market Value % DxS Tsy Contribution Description Portfolio Benchmark Active Portfolio Benchmark Active Description Portfolio Benchmark Active Portfolio Benchmark Active China 0.8 3.1 -2.2 0.05 0.55 -0.50 Paraguay 0.7 0.1 0.6 0.26 0.05 0.21 Argentina 0.5 0.5 0.0 0.33 0.53 -0.20 Colombia 1.1 0.3 0.8 0.26 0.10 0.17 Oman - 0.4 -0.4 - 0.18 -0.18 India 0.5 0.4 0.1 0.26 0.12 0.14 Mexico 1.4 1.7 -0.3 0.69 0.86 -0.17 El Salvador 0.2 0.1 0.1 0.16 0.06 0.10 Israel 0.2 0.5 -0.4 0.02 0.13 -0.11 Ukraine 0.6 0.4 0.3 0.26 0.16 0.10 United Arab Kazakhstan 0.3 0.1 0.2 0.12 0.03 0.09 0.3 0.5 -0.3 0.03 0.12 -0.08 Emirates Russian 1.1 0.7 0.4 0.18 0.10 0.08 Indonesia 0.3 0.6 -0.2 0.08 0.16 -0.08 Federation Bahrain 0.1 0.3 -0.2 0.04 0.11 -0.07 Togo 0.2 0.0 0.2 0.08 0.01 0.08 Jamaica - 0.1 -0.1 - 0.06 -0.06 Chile 0.6 0.3 0.3 0.16 0.09 0.08 Costa Rica - 0.1 -0.1 - 0.06 -0.06 Senegal 0.1 0.1 0.1 0.11 0.03 0.08

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 22 Benchmark relative risk measures Water & Power Employees’ Retirement Plan | as of April 30, 2020

Developed investment grade Developed high yield

6.0% 4.00 0.0% 10.00

-5.0% 4.0% 2.00 5.00 -10.0% 2.0% 0.00 0.00 -15.0%

0.0% -2.00 -20.0% -5.00 03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020 03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020 Active Notional Market Value % Active Spread Duration Contribution Active Notional Market Value % Active Spread Duration Contribution Active DxS Tsy Active DxS Tsy

Emerging markets Bank loans

0.0% 10.00 10.0% 10.00 8.0% 8.00 5.00 6.0% 6.00 -1.0% 4.0% 4.00 0.00 2.0% 2.00 -2.0% -5.00 0.0% 0.00 03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020 03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020 Active Notional Market Value % Active Spread Duration Contribution Active DxS Tsy Active Notional Market Value % Spread Duration Yield to Maturity

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. Active notional market value % represented on left-handed axis on all graphs PAGE 23 Duration summary Water & Power Employees’ Retirement Plan | as of April 30, 2020

Active duration by currency Portfolio duration by currency 0.30 7 6 0.20 5 0.10 4 0.00 3 2 -0.10 1 -0.20 0 Total AUD CAD EUR GBP JPY USD Total CAD EUR GBP USD

Active duration by bucket (USD) Active duration by bucket (EUR) 0.8 0.30

0.6 0.20 0.4 0.10 0.2 0.0 0.00 -0.2 -0.10 -0.4 -0.20 Total < 3 3 - 5 5 - 7 7 - 10 10 - 15 15 - 20 20 - 30 Total < 3 3 - 5 5 - 7 7 - 10 10 - 15 15 - 20 20 - 30 >= 30

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 24 03 Appendix

Global Credit LA Water – 2020 annual

For Institutional Investors and Investment Professionals Only. One-year performance attribution Retiree Health Benefits Fund | as of 4/30/20

Contributors to performance: ⚫ Sector allocation to Developed High Yield ⚫ Sector allocation to Emerging Market High Yield ⚫ Security selection within Developed High Yield ⚫ Yield curve management

Detractors from performance: ⚫ Sub sector and security selection within Developed High Grade ⚫ Security selection within high grade Emerging Markets ⚫ Security selection within Energy sector ⚫ Sector allocation to Supranationals

Global Credit LA Water – 2020 annual | For Institutional Attribution is a representation based on holdings and may differ from actual performance. Past performance does not Investors and Investment Professionals Only. guarantee future results. PAGE 26 Performance attribution: summary Retiree Health Benefits Fund | One-year performance attribution as of April 30, 2020

66.7%Global Credit / 33.33 Retiree Health Benefits Fund Attribution Global HY Hedged

Absolute Average Absolute BP Diff BP Impact Allocation % Sector Credit Return % Allocation % Return% Total Total 2.76 100 276.2 1.31 100 90 55 145 Government 7.10 2 17.8 12 12 Treasuries (Non-TIPS) 7.10 2 17.8 Credit (HG) 6.75 56 360.5 7.11 57 -6 -15 -21 Developed 7.22 48 328.0 7.53 50 -10 -13 -23 Emerging Market 3.86 8 32.5 4.15 7 4 -2 2 Credit (HY) -5.11 39 -156.6 -6.09 43 37 70 107 Developed -1.77 26 -15.4 -3.81 29 16 60 76 Emerging Market -10.05 13 -141.2 -10.71 15 21 10 31 MUNI 1.33 0 0.3 0 Cash/Short term/Other 0.00 3 4.2 -3 -3 Futures/Options/Swaps 50.2 50 50

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 27 Portfolio characteristics Retiree Health Benefits Fund | as of April 30, 2020

Duration Market Value % Nominal Yield Option Adjusted Spread Contribution Notional Security Description Portfolio Benchmark Active Market Portfolio Active Portfolio Active Portfolio Active Value % Total 100.0 100.0 0.0 104.9 5.98 0.05 4.23 -0.62 366 -68 Treasuries 2.7 0.0 2.7 2.7 0.04 0.04 0.20 0.59 -1 -38 Government Related 6.6 7.9 -1.3 6.6 0.22 -0.23 0.77 0.29 46 -8 Emerging Markets 21.4 20.8 0.6 21.4 1.26 0.10 7.03 -0.53 631 -67 Public Corporates 62.0 70.7 -8.6 62.0 3.78 -0.46 3.63 -0.71 311 -90 Bank Loans 6.7 - 6.7 6.7 0.05 0.05 5.77 5.77 514 514 US Municipals 0.3 0.6 -0.3 0.3 0.02 -0.05 2.76 -0.44 229 4 Cash Securities 0.4 - 0.4 0.4 0.00 0.00 -0.69 -0.69 0 0 Ratings profile Currency exposure Currency Portfolio Market Value % 40% 30% Total 100.0 20% 10% CAD 0.0 0% -10% EUR 4.5 AAA AA A BBB BB B CCC CC C D Not GBP 0.7 Rated Portfolio Active USD 94.8

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 28 Emerging markets country risk Retiree Health Benefits Fund | as of April 30, 2020

10 Largest Country Underweights by Duration x Spread 10 Largest Country Overweights by Duration x Spread Market Value % DxS Tsy Contribution Market Value % DxS Tsy Contribution Description Portfolio Benchmark Active Portfolio Benchmark Active Description Portfolio Benchmark Active Portfolio Benchmark Active China 1.2 3.1 -1.9 0.07 0.55 -0.48 Colombia 1.1 0.3 0.8 0.33 0.10 0.23 Argentina 0.4 0.5 -0.1 0.32 0.53 -0.21 Paraguay 0.7 0.1 0.6 0.28 0.05 0.23 Oman - 0.4 -0.4 - 0.18 -0.18 India 0.5 0.4 0.1 0.28 0.12 0.16 Mexico 1.5 1.7 -0.3 0.71 0.86 -0.15 Ukraine 0.8 0.4 0.4 0.31 0.16 0.15 Israel 0.2 0.5 -0.3 0.02 0.13 -0.12 Kazakhstan 0.3 0.1 0.3 0.17 0.03 0.14 United Arab El Salvador 0.2 0.1 0.1 0.19 0.06 0.13 0.4 0.5 -0.2 0.04 0.12 -0.08 Emirates Chile 0.8 0.3 0.5 0.19 0.09 0.10 Indonesia 0.4 0.6 -0.2 0.10 0.16 -0.06 Togo 0.2 0.0 0.2 0.10 0.01 0.09 Bahrain 0.2 0.3 -0.1 0.05 0.11 -0.06 Russian 1.0 0.7 0.2 0.19 0.10 0.09 Jamaica - 0.1 -0.1 - 0.06 -0.06 Federation Costa Rica - 0.1 -0.1 - 0.06 -0.06 Senegal 0.1 0.1 0.1 0.12 0.03 0.08

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 29 Benchmark relative risk measures Retiree Health Benefits Fund | as of April 30, 2020

Developed investment grade Developed high yield

6.0% 4.00 0.0% 10.00

4.0% 2.00 -5.0% 5.00 2.0% 0.00 -10.0% 0.00 0.0%

-2.0% -2.00 -15.0% -5.00 03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020 03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020 Active Notional Market Value % Active Spread Duration Contribution Active Notional Market Value % Active Spread Duration Contribution Active DxS Tsy Active DxS Tsy

Emerging markets Bank loans

2.0% 10.00 10.0% 10.00 8.0% 8.00 1.0% 5.00 6.0% 6.00 4.0% 4.00 0.0% 0.00 2.0% 2.00 0.0% 0.00 -1.0% -5.00 03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020 03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020 Active Notional Market Value % Active Spread Duration Contribution Active Notional Market Value % Spread Duration Active DxS Tsy Yield to Maturity

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. Active notional market value % represented on left-handed axis PAGE 30 Duration summary Retiree Health Benefits Fund | as of April 30, 2020

Active duration by currency Portfolio duration by currency 0.30 7 0.20 6 5 0.10 4 0.00 3 -0.10 2 -0.20 1 -0.30 0 Total AUD CAD EUR GBP JPY USD Total CAD EUR GBP USD

Active duration by bucket (USD) Active duration by bucket (EUR) 0.8 0.3 0.6 0.2 0.4 0.1 0.2 0 0 -0.1 -0.2 -0.2 -0.4 -0.3 Total < 3 3 - 5 5 - 7 7 - 10 10 - 15 15 - 20 20 - 30 Total < 3 3 - 5 5 - 7 7 - 10 10 - 15 15 - 20 20 - 30

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 31 04 Holdings

Global Credit LA Water – 2020 annual

For Institutional Investors and Investment Professionals Only. Holdings Water & Power Employees’ Retirement Plan | April 30, 2020

Market Yield to Market Market Yield to Market Underlying Description CUSIP Underlying Description CUSIP Value (m) Worst Value % Value (m) Worst Value % Chile 4,376 7.45 0.6% Total 685,361 4.08 100.0% Treasuries 18,262 0.20 2.7% BANCO DEL ESTADO DE CHILE 2.704 09-JAN-2025 144a (SENIOR UNSECURED) 05965MAG8 1,445 2.73 0.2% United States 18,262 0.20 2.7% INVERSIONES CMPC SA 3.85 13-JAN-2030 144a (SENIOR UNSECURED) 46128MAN1 647 4.24 0.1% Treasury Bonds 18,262 0.20 2.7% LATAM FINANCE LTD 6.875 11-APR-2024 144a (SENIOR) 51818KAB6 169 35.10 0.0% TREASURY NOTE 1.625 31-DEC-2021 912828YZ7 18,257 0.20 2.7% LATAM FINANCE LTD 7.0 01-MAR-2026 144a (SENIOR) 51818KAC4 384 27.51 0.1% TREASURY NOTE 1.75 30-JUN-2024 9128286Z8 5 0.32 0.0% SOCIEDAD QUIMICA Y MINERA DE CHILE 3.625 03-APR-2023 144a (SENIOR) 833636AE3 817 3.87 0.1% Government Related 45,021 0.77 6.6% VTR FINANCE BV 6.875 15-JAN-2024 144a (SECURED) 918370AB3 913 6.84 0.1% Local Authority 9,324 1.08 1.4% Colombia 7,624 5.05 1.1% BRITISH COLUMBIA (PROVINCE OF) 1.75 27-SEP-2024 (SENIOR UNSECURED) 110709AD4 3,548 0.95 0.5% BANCOLOMBIA SA 3.0 29-JAN-2025 (SENIOR UNSECURED) 05968LAM4 1,072 4.69 0.2% ONTARIO (PROVINCE OF) 2.0 02-OCT-2029 (SENIOR UNSECURED) 68323AFG4 4,548 1.31 0.7% BANCOLOMBIA SA T2 4.625 18-DEC-2029 (JUNIOR SUB) 05968LAL6 943 5.83 0.1% TOKYO METROPOLITAN GOVERNMENT 2.0 17-MAY-2021 144a (SENIOR) 59173LAA8 1,228 0.63 0.2% COLOMBIA (REPUBLIC OF) 4.5 15-MAR-2029 (SENIOR) 195325DP7 1,138 4.29 0.2% Owned No Guarantee ex-US 11,630 0.77 1.7% ECOPETROL SA 5.875 18-SEP-2023 (SENIOR) 279158AC3 2,065 4.71 0.3% BANK NEDERLANDSE GEMEENTEN 2.375 16-MAR-2026 144a (SENIOR) 62944BBG8 1,584 0.81 0.2% CPPIB CAPITAL INC 3.125 25-SEP-2023 144a (SENIOR) 22411VAG3 3,836 0.59 0.6% EMPRESAS PUBLICAS DE MEDELLIN ESP 4.25 18-JUL-2029 144a (SENIOR) 29246BAE8 1,181 4.96 0.2% JAPAN FIN ORG MUNICIPAL# 144A 2.125 25-OCT-2023 144a (SENIOR) 471068AJ5 1,569 0.83 0.2% MILLICOM INTERNATIONAL CELLULAR S. 6.625 15-OCT-2026 144a (SENIOR) 600814AP2 1,225 6.15 0.2% JAPAN FINANCE ORGANIZATION FOR MUN 3.0 12-MAR-2024 144a (SENIOR) 471068AP1 4,640 0.88 0.7% Dominican Republic 2,046 7.19 0.3% Supranational/Foreign Agency 24,067 0.64 3.5% DOMINICAN REPUBLIC (GOVERNMENT) 5.5 27-JAN-2025 144a (SENIOR) 25714PCV8 1,167 6.95 0.2% Supranational 6,055 0.36 0.9% DOMINICAN REPUBLIC (GOVERNMENT) 6.0 19-JUL-2028 144a (SENIOR) 25714PDZ8 879 7.51 0.1% EUROPEAN INVESTMENT BANK 1.375 15-SEP-2021 (SENIOR) 298785HF6 4,571 0.35 0.7% Ecuador 832 43.53 0.1% EUROPEAN INVESTMENT BANK 1.625 15-JUN-2021 (SENIOR) 298785HC3 1,484 0.38 0.2% ECUADOR (REPUBLIC OF) 7.95 20-JUN-2024 144a (SENIOR) BRSNQM086 407 46.60 0.1% Agency 18,011 0.74 2.6% ECUADOR REPUBLIC OF (GOVERNMENT) 10.75 31-JAN-2029 144a (SENIOR UNSECURED) 27927WAL6 425 40.60 0.1% Government Guaranteed 5,185 0.85 0.8% El Salvador 1,341 9.44 0.2% DEVELOPMENT BANK OF JAPAN INC GOVTGUAR 1.625 01-SEP-2021 144a (SENIOR) 25159MAR8 1,528 0.64 0.2% EL SALVADOR REPUBLIC OF (GOVERNMEN 7.1246 20-JAN-2050 144a (SENIOR UNSECURED) 283875BZ4 1,341 9.44 0.2% JAPAN BANK FOR INTERNATIONAL COOPE 3.375 31-OCT-2023 (SENIOR) 471048BU1 1,888 0.83 0.3% Guatemala 1,339 4.64 0.2% JAPAN BANK FOR INTERNATIONAL COOPE GOVTGUAR 2.875 21-JUL-2027 471048BM9 1,769 1.06 0.3% GUATEMALA (REPUBLIC OF) 4.875 13-FEB-2028 144a (SENIOR) 401494AF6 1,339 4.64 0.2% Government Sponsored 12,827 0.69 1.9% Mexico 9,576 9.32 1.4% OMERS FINANCE TRUST 2.5 02-MAY-2024 144a (SENIOR UNSECURED) 682142AA2 3,377 0.89 0.5% AEROVIAS DE MEXICO SA DE CV 7.0 05-FEB-2025 144a (SENIOR UNSECURED) 008065AD6 578 33.84 0.1% ONTARIO TEACHERS FINANCE TRUST 2.125 19-SEP-2022 144a (SENIOR) 68329AAA6 3,322 0.74 0.5% BANCO MERCANTIL DE NORTE AT1-P 6.75 31-DEC-2049 144a (JUNIOR SUB) 05971PAA6 824 13.04 0.1% ONTARIO TEACHERS FINANCE TRUST 2.75 16-APR-2021 144a (SENIOR) 68329AAB4 6,127 0.55 0.9% BANCO SANTANDER MEXICO SA INSTITUC 5.375 17-APR-2025 144a (SENIOR UNSECURED) 05969BAD5 948 4.72 0.1% Emerging Markets 133,061 7.05 19.4% BBVA BANCOMER SA (TEXAS BRANCH) T2 6.75 30-SEP-2022 144a (SUB) 05533UAC2 1,026 4.89 0.1% Latin America 54,955 8.00 8.0% CEMEX SAB DE CV 5.45 19-NOV-2029 144a (SECURED) 151290BV4 989 8.06 0.1% Argentina 3,159 22.15 0.5% AEROPUERTOS ARGENTINA 2000 SA 6.875 01-FEB-2027 144a (SECURED) 00786PAC8 511 25.96 0.1% GRUPO CEMENTOS DE CHIHUAHUA SAB DE 5.25 23-JUN-2024 144a (SENIOR) 40053DAB9 903 7.16 0.1% ARGENTINA REPUBLIC OF GOVERNMENT 6.875 11-JAN-2048 (SENIOR) 040114HR4 299 29.08 0.0% INFRAESTRUCTURA ENERGETICA NOVA SA 4.875 14-JAN-2048 144a (SENIOR) 456829AB6 1,098 6.07 0.2% ARGENTINA REPUBLIC OF GOVERNMENT 7.125 06-JUL-2036 (SENIOR) 040114HG8 403 30.02 0.1% MINERA MEXICO SA DE CV 4.5 26-JAN-2050 144a (SENIOR UNSECURED) 60284MAB8 925 5.39 0.1% TECPETROL SA 4.875 12-DEC-2022 144a (SENIOR) 87876TAE4 1,031 14.85 0.2% PETROLEOS MEXICANOS 6.5 13-MAR-2027 (SENIOR) 71654QCG5 1,097 10.30 0.2% YPF SA 6.95 21-JUL-2027 144a (SENIOR) 984245AQ3 568 22.72 0.1% PETROLEOS MEXICANOS 6.5 23-JAN-2029 (SENIOR) 71654QCP5 681 10.32 0.1% YPF SA 8.5 27-JUN-2029 144a (SENIOR UNSECURED) 984245AS9 348 22.20 0.1% PETROLEOS MEXICANOS 6.75 21-SEP-2047 (SENIOR) 71654QCC4 507 9.93 0.1% Brazil 13,993 6.27 2.0% Paraguay 4,841 5.36 0.7% AEGEA FIN SARL 5.75 10-OCT-2024 144a (SENIOR) 00775CAA4 986 6.20 0.1% BIOCEANICO SOVEREIGN CTF LTD 05-JUN-2034 144a (SECURED) 09076AAA5 527 5.94 0.1% BRAZIL FEDERATIVE REPUBLIC OF (GOV 4.625 13-JAN-2028 (SENIOR) 105756BZ2 1,031 4.03 0.2% PARAGUAY REPUBLIC OF (GOVERNMENT) 4.95 28-APR-2031 144a (SENIOR UNSECURED) 699149AJ9 1,452 4.48 0.2% BRAZIL FEDERATIVE REPUBLIC OF (GOV 4.75 14-JAN-2050 (SENIOR UNSECURED) 105756CB4 660 5.40 0.1% PARAGUAY REPUBLIC OF (GOVERNMENT) 5.4 30-MAR-2050 144a (SENIOR) 699149AH3 948 5.10 0.1% CSN RESOURCES SA 7.625 13-FEB-2023 144a (SENIOR) 12644VAB4 774 17.43 0.1% RUTAS 2 AND 7 FINANCE LIMITED 30-SEP-2036 144a (1ST LIEN) 78319MAA1 720 5.58 0.1% ITAU UNIBANCO HOLDING SA 3.25 24-JAN-2025 144a (SENIOR UNSECURED) 46556JAB5 1,778 3.86 0.3% TELEFONICA CELULAR DEL PARAGUAY SA 5.875 15-APR-2027 144a (SENIOR) 87936VAB3 1,194 6.23 0.2% JBS INVESTMENTS II GMBH 5.75 15-JAN-2028 144a (SENIOR) 46650CAB5 1,415 6.08 0.2% Puerto Rico 1,476 7.15 0.2% JBS USA LLC 5.75 15-JUN-2025 144a (SENIOR) 466112AR0 239 5.13 0.0% POPULAR INC 6.125 14-SEP-2023 (SENIOR) 733174AK2 1,476 7.15 0.2% JBS USA LUX SA 6.5 15-APR-2029 144a (SENIOR) 46590XAA4 911 5.50 0.1% Peru 4,351 3.47 0.6% JBS USA LUX SA/JBS USA FINANCE INC 6.75 15-FEB-2028 144a (SENIOR) 472141AA8 1,273 4.85 0.2% BANCO DE CREDITO DEL PERU 2.7 11-JAN-2025 144a (SENIOR UNSECURED) 05971U2A4 621 3.20 0.1% KLABIN AUSTRIA GMBH 7.0 03-APR-2049 144a (SENIOR) 49836AAB0 985 7.21 0.1% CERRO DEL AGUILA SA 4.125 16-AUG-2027 144a (SENIOR) 156830AA9 1,705 4.40 0.2% PETROBRAS GLOBAL FINANCE BV 5.093 15-JAN-2030 144a (SENIOR UNSECURED) 71647NBF5 2,055 6.28 0.3% LIMA METRO LINE 2 FINANCE II LTD 4.35 05-APR-2036 144a (SENIOR UNSECURED) 532522AB5 702 4.08 0.1% REDE DOR FINANCE SARL 4.5 22-JAN-2030 144a (SENIOR UNSECURED) 75735GAA6 1,885 6.60 0.3% PERU (REPUBLIC OF) 2.392 23-JAN-2026 (SENIOR UNSECURED) 715638DE9 1,323 2.07 0.2%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 33 Holdings Water & Power Employees’ Retirement Plan | April 30, 2020

Market Yield to Market Market Yield to Market Underlying Description CUSIP Underlying Description CUSIP Value (m) Worst Value % Value (m) Worst Value % Central/Eastern Europe, Middle East and Africa 53,906 6.57 7.9% Central/Eastern Europe 26,471 6.67 3.9% Middle East and Africa 27,435 6.46 4.0% Belarus 867 7.60 0.1% Angola 502 24.25 0.1% BELARUS (REPUBLIC OF) 6.2 28-FEB-2030 144a (SENIOR) 07737JAC7 867 7.60 0.1% ANGOLA (REPUBLIC OF) 8.25 09-MAY-2028 144a (SENIOR) 035198AB6 502 24.25 0.1% Kazakhstan 1,775 5.60 0.3% Bahrain 939 8.06 0.1% KAZTRANSGAZ AO 4.375 26-SEP-2027 144a (SENIOR) 48668NAA9 909 5.16 0.1% OIL AND GAS HOLDING CO BSC CLOSED 7.625 07-NOV-2024 144a (SENIOR) 67778M2C3 939 8.06 0.1% NK KAZMUNAYGAZ AO 6.375 24-OCT-2048 144a (SENIOR) 48667QAS4 866 6.06 0.1% Cote DIvoire 933 7.86 0.1% Lithuania 611 25.68 0.1% COTE D IVOIRE (REPUBLIC OF) 6.125 15-JUN-2033 144a (SENIOR) 221625AN6 933 7.86 0.1% ASG FINANCE DESIGNATED 7.875 03-DEC-2024 144a (SENIOR UNSECURED) 00217AAA4 611 25.68 0.1% Egypt 2,514 8.12 0.4% Russian Federation 7,380 3.24 1.1% EGYPT (ARAB REPUBLIC OF) 5.577 21-FEB-2023 144a (SENIOR) 03846JW30 975 6.60 0.1% GAZ CAPITAL SA LPN 4.95 19-JUL-2022 144a (SENIOR) 368266AR3 1,364 2.90 0.2% EGYPT (ARAB REPUBLIC OF) 7.6003 01-MAR-2029 144a (SENIOR) 03846JW71 719 8.37 0.1% GAZ FINANCE PLC LPN 3.25 25-FEB-2030 144a (SENIOR UNSECURED) BIE1S49M7 1,151 3.93 0.2% EGYPT (ARAB REPUBLIC OF) 8.7002 01-MAR-2049 144a (SENIOR) 03846JW89 820 9.72 0.1% PHOSAGRO BOND FUNDING DAC LPN 3.95 03-NOV-2021 144a (SENIOR) 71922LAA7 947 2.97 0.1% Gabon 871 11.62 0.1% RUSSIAN FEDERATION 4.75 27-MAY-2026 144a (SENIOR UNSECURED) BRT1ZV2X6 1,358 2.75 0.2% GABON REPUBLIC OF (GOVERNMENT) 6.625 06-FEB-2031 144a (SENIOR UNSECURED) 362420AD3 871 11.62 0.1% RUSSIAN FEDERATION 5.25 23-JUN-2047 144a (SENIOR) BIE1NFM42 1,259 3.82 0.2% Ghana 1,125 12.75 0.2% VEON HOLDINGS BV 4.0 09-APR-2025 144a (SENIOR UNSECURED) 92334VAA3 1,301 3.14 0.2% GHANA (REPUBLIC OF) 7.875 26-MAR-2027 144a (SENIOR) 37443GAA9 1,125 12.75 0.2% Ukraine 4,357 9.51 0.6% Israel 1,056 2.98 0.2% KERNEL HOLDING SA 6.5 17-OCT-2024 144a (SENIOR UNSECURED) 49229QAB0 923 10.64 0.1% ISRAEL ELECTRIC CORP LTD 4.25 14-AUG-2028 Dual 144a|Reg-S (SECURED) 465077AL9 406 3.41 0.1% MHP SA 7.75 10-MAY-2024 144a (SENIOR) 55302TAD7 935 8.35 0.1% ISRAEL ELECTRIC CORP LTD 5.0 12-NOV-2024 Dual 144a|Reg-S (SECURED) 465077AK1 650 2.70 0.1% UKRAINE (GOVERNMENT OF) 7.75 01-SEP-2026 144a (SENIOR) 903724AT9 1,674 9.28 0.2% Lebanon 235 0.0% UKRAINE REPUBLIC OF (GOVERNMENT) 9.75 01-NOV-2028 144a (SENIOR) 903724BV3 825 10.05 0.1% LEBANON (REPUBLIC OF) 6.25 27-MAY-2022 (SENIOR) BRT1VBBF3 235 0.0% Turkey 10,179 7.17 1.5% Kenya 946 9.31 0.1% AKBANK TAS T2 7.2 16-MAR-2027 144a (SUB) 00972BAB5 843 7.56 0.1% KENYA (REPUBLIC OF) 8.0 22-MAY-2032 144a (SENIOR UNSECURED) 491798AK0 946 9.31 0.1% PETKIM PETROKIMYA HOLDING AS 5.875 26-JAN-2023 144a (SENIOR) 71638YAA4 927 7.92 0.1% Kuwait 1,517 2.83 0.2% TURK TELEKOMUNIKASYON AS 6.875 28-FEB-2025 144a (SENIOR) 90011QAC4 1,043 6.86 0.2% EQUATE PETROCHEMICAL BV 3.0 03-MAR-2022 144a (SENIOR) 29441WAB1 1,517 2.83 0.2% TURKCELL ILETISIM HIZMETLERI AS 5.8 11-APR-2028 144a (SENIOR) 900111AB1 1,111 6.75 0.2% Morocco 1,194 3.60 0.2% TURKEY (REPUBLIC OF) 5.75 11-MAY-2047 (SENIOR) 900123CM0 1,712 7.88 0.2% OCP SA 4.5 22-OCT-2025 144a (SENIOR) 67091TAC9 1,194 3.60 0.2% TURKEY (REPUBLIC OF) 6.125 24-OCT-2028 (SENIOR) 900123CQ1 960 7.53 0.1% Nigeria 1,015 11.24 0.1% TURKEY (REPUBLIC OF) 7.25 23-DEC-2023 (SENIOR) 900123CR9 1,147 6.72 0.2% NIGERIA (FEDERAL REPUBLIC OF) 6.5 28-NOV-2027 144a (SENIOR) 65412JAC7 1,015 11.24 0.1% TURKEY (REPUBLIC OF) 7.625 26-APR-2029 (SENIOR) 900123CT5 990 7.79 0.1% Qatar 2,097 1.80 0.3% TURKIYE GARANTI BANKASI AS 5.25 13-SEP-2022 144a (SENIOR) 900148AD9 1,446 5.83 0.2% QATAR (STATE OF) 3.4 16-APR-2025 144a (SENIOR UNSECURED) 74727PBC4 1,120 2.00 0.2% Romania 1,302 4.74 0.2% QATAR STATE OF (GOVERNMENT) 4.5 20-JAN-2022 144a (SENIOR) 74727PAP6 977 1.58 0.1% Saudi Arabia 3,964 4.31 0.6% ROMANIA (REPUBLIC OF) 6.125 22-JAN-2044 144a (SENIOR) 77586RAC4 1,302 4.74 0.2% ARABIAN CENTRES SUKUK LIMITED 5.375 26-NOV-2024 144a (Sukuk) 03847PAA3 831 8.75 0.1% Asia 24,200 5.98 3.5% SAUDI ARABIA (KINGDOM OF) 4.375 16-APR-2029 144a (SENIOR) 80413TAK5 1,784 2.89 0.3% Azerbaijan 1,186 5.91 0.2% SAUDI ARABIAN OIL CO 2.875 16-APR-2024 144a (SENIOR) 80414L2C8 569 2.71 0.1% SOUTHERN GAS CORRIDOR CJSC 6.875 24-MAR-2026 144a (SENIOR) 84302LAA0 1,186 5.91 0.2% SAUDI ARABIAN OIL CO 4.25 16-APR-2039 144a (SENIOR) 80414L2E4 780 4.01 0.1% China 5,724 2.64 0.8% South Africa 3,532 7.27 0.5% BAIDU INC 3.875 29-SEP-2023 (SENIOR) 056752AK4 849 2.47 0.1% GOLD FIELDS OROGEN HOLDINGS (BVI) 6.125 15-MAY-2029 144a (SENIOR) 38060AAC8 1,083 5.27 0.2% BANK OF CHINA LTD 5.0 13-NOV-2024 144a (SUB) 061202AA5 1,009 2.84 0.1% SASOL FINANCING USA LLC 6.5 27-SEP-2028 (SENIOR) 80386WAB1 566 13.35 0.1% JD.COM INC 3.125 29-APR-2021 (SENIOR) 47215PAB2 1,037 2.41 0.2% SOUTH AFRICA (REPUBLIC OF) 4.875 14-APR-2026 (SENIOR) 836205AT1 926 6.23 0.1% SINOPEC GROUP OVERSEAS DEVELOPMENT 2.5 08-AUG-2024 144a (SENIOR UNSECURED) 82939GAF5 1,200 2.10 0.2% SOUTH AFRICA (REPUBLIC OF) 5.875 22-JUN-2030 (SENIOR) 836205AY0 957 6.95 0.1% SYNGENTA FINANCE NV 3.933 23-APR-2021 144a (SENIOR) 87164KAE4 400 5.25 0.1% Senegal 943 8.27 0.1% SYNGENTA FINANCE NV 4.441 24-APR-2023 144a (SENIOR) 87164KAH7 261 4.38 0.0% SENEGAL (REPUBLIC OF) 6.75 13-MAR-2048 144a (SENIOR) 81720TAD7 943 8.27 0.1% TENCENT HOLDINGS LTD 3.28 11-APR-2024 144a (SENIOR) 88032WAL0 968 1.93 0.1% United Arab Emirates 2,020 2.32 0.3% India 3,388 14.00 0.5% ABU DHABI (EMIRATE OF) 2.5 11-OCT-2022 144a (SENIOR) 29135LAC4 1,008 1.56 0.1% FUTURE RETAIL LTD 5.6 22-JAN-2025 144a (SECURED) 36118EAA0 416 42.34 0.1% ABU DHABI CRUDE OIL PIPELINE LLC 3.65 02-NOV-2029 144a (SECURED) 00401MAA4 1,012 3.07 0.1% GREENKO SOLAR MAURITIUS LTD 5.95 29-JUL-2026 144a (SECURED) 39530VAB4 1,428 8.45 0.2% Zambia 456 10.48 0.1% ICICI BANK LTD (DUBAI BRANCH) 4.0 18-MAR-2026 144a (SENIOR) 45112EAG4 1,158 4.79 0.2% FIRST QUANTUM MINERALS LTD 7.5 01-APR-2025 144a (SENIOR) 335934AL9 456 10.48 0.1% VEDANTA RESOURCES FINANCE II PLC 9.25 23-APR-2026 144a (SENIOR) 92243XAA9 386 31.60 0.1% Other 1,575 6.05 0.2% Indonesia 2,396 4.15 0.3% BANQUE OUEST AFRICAINE DE DEVELOPP 4.7 22-OCT-2031 144a (SENIOR) 06675QAC7 459 5.84 0.1% PERTAMINA PERSERO PT 3.65 30-JUL-2029 144a (SENIOR UNSECURED) 69370PAD3 847 4.18 0.1% BANQUE OUEST AFRICAINE DE DEVELOPP 5.0 27-JUL-2027 144a (SENIOR) 06675QAB9 1,116 6.14 0.2% PERUSAHAAN LISTRIK NEGARA (PERSERO 4.125 15-MAY-2027 144a (SENIOR) 71568PAC3 1,548 4.13 0.2%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 34 Holdings Water & Power Employees’ Retirement Plan | April 30, 2020

Market Yield to Market Market Yield to Market Underlying Description CUSIP Underlying Description CUSIP Value (m) Worst Value % Value (m) Worst Value % Malaysia 1,422 4.96 0.2% Construction Machinery 3,184 3.23 0.5% PETRONAS CAPITAL LTD 3.5 21-APR-2030 144a (SENIOR UNSECURED) 716743AP4 525 2.92 0.1% ASHTEAD CAPITAL INC 5.25 01-AUG-2026 144a (SECURED) 045054AH6 1,120 5.12 0.2% RESORTS WORLD LAS VEGAS LLC 4.625 16-APR-2029 144a (SENIOR) 76120HAA5 898 6.15 0.1% CATERPILLAR INC 2.6 09-APR-2030 (SENIOR UNSECURED) 149123CH2 1,386 1.91 0.2% Macau 1,014 6.08 0.1% CATERPILLAR INC 3.25 09-APR-2050 (SENIOR UNSECURED) 149123CJ8 677 2.80 0.1% WYNN MACAU LTD 5.5 01-OCT-2027 144a (SENIOR) 98313RAD8 1,014 6.08 0.1% Diversified Manufacturing 6,329 2.78 0.9% Mongolia 1,715 10.77 0.3% DEVELOPMENT BANK OF MONGOLIA 7.25 23-OCT-2023 144a (UNSECURED) 25161AAA7 848 11.82 0.1% GENERAL ELECTRIC CO 3.45 01-MAY-2027 (SENIOR UNSECURED) 369604BV4 413 3.15 0.1% MONGOLIA (GOVERNMENT OF) 5.625 01-MAY-2023 144a (SENIOR) 60937LAB1 868 9.74 0.1% GENERAL ELECTRIC CO 3.625 01-MAY-2030 (SENIOR UNSECURED) 369604BW2 317 3.56 0.0% Philippines 1,426 2.20 0.2% GENERAL ELECTRIC CO 4.35 01-MAY-2050 (SENIOR UNSECURED) 369604BY8 574 4.31 0.1% PHILIPPINES (REPUBLIC OF) 2.457 05-MAY-2030 (SENIOR UNSECURED) 718286CJ4 1,426 2.20 0.2% OTIS WORLDWIDE CORP 3.112 15-FEB-2040 144a (SENIOR UNSECURED) 68902VAA5 467 3.19 0.1% Singapore 1,329 2.41 0.2% OTIS WORLDWIDE CORPORATION 2.056 05-APR-2025 144a (SENIOR UNSECURED) 68902VAD9 470 1.66 0.1% DBS GROUP HOLDINGS LTD LT2 4.52 11-DEC-2028 144a (SUB) 24023MAA2 1,329 2.41 0.2% OTIS WORLDWIDE CORPORATION 2.565 15-FEB-2030 144a (SENIOR UNSECURED) 68902VAF4 1,752 2.47 0.3% South Korea 1,012 1.63 0.1% OTIS WORLDWIDE CORPORATION 3.362 15-FEB-2050 144a (SENIOR UNSECURED) 68902VAB3 293 3.24 0.0% KOOKMIN BANK 2.875 25-MAR-2023 144a (SENIOR) 50050GAK4 1,012 1.63 0.1% PARKER HANNIFIN CORPORATION 3.25 14-JUN-2029 (SENIOR UNSECURED) 701094AN4 793 2.50 0.1% Sri Lanka 626 16.54 0.1% PARKER HANNIFIN CORPORATION 4.0 14-JUN-2049 (SENIOR UNSECURED) 701094AP9 390 3.37 0.1% SRI LANKA (DEMOCRATIC SOCIALIST RE 6.75 18-APR-2028 144a (SENIOR) 85227SAW6 626 16.54 0.1% ROPER TECHNOLOGIES INC 2.35 15-SEP-2024 (SENIOR) 776743AH9 397 1.97 0.1% Thailand 914 4.29 0.1% ROPER TECHNOLOGIES INC 2.95 15-SEP-2029 (SENIOR UNSECURED) 776743AG1 463 2.37 0.1% BANGKOK BANK PUBLIC CO LTD (HONG K T2 3.733 25-SEP-2034 144a (SUB) 059895AT9 914 4.29 0.1% Environmental 5,365 1.67 0.8% Uzbekistan 1,043 5.13 0.2% WASTE CONNECTIONS INC 2.6 01-FEB-2030 (SENIOR UNSECURED) 94106BAA9 1,598 2.35 0.2% UZBEKISTAN (REPUBLIC OF) 5.375 20-FEB-2029 144a (SENIOR UNSECURED) 91822Q2A4 1,043 5.13 0.2% Vietnam 1,005 6.00 0.1% WASTE MANAGEMENT INC 2.95 15-JUN-2024 (SENIOR UNSECURED) 94106LBF5 2,825 1.24 0.4% MONG DUONG FIN HLDGS BV 5.125 07-MAY-2029 144a (1ST LIEN) 60935DAA3 1,005 6.00 0.1% WASTE MANAGEMENT INC 3.45 15-JUN-2029 (SENIOR UNSECURED) 94106LBG3 940 1.79 0.1% Public Corporates 426,286 3.61 62.2% WASTE MANAGEMENT INC 4.15 15-JUL-2049 (SENIOR UNSECURED) 94106LBK4 3 2.77 0.0% Investment Grade 324,013 2.67 47.3% Communications 38,364 2.59 5.6% Industrial 181,677 2.67 26.5% Cable and Satellite 10,772 2.76 1.6% Basic Industry 10,916 2.69 1.6% CHARTER COMMUNICATIONS OPERATING L 2.8 01-APR-2031 (SECURED) 161175BU7 313 2.71 0.0% Chemicals 4,177 2.02 0.6% CHARTER COMMUNICATIONS OPERATING L 3.7 01-APR-2051 (SECURED) 161175BV5 538 3.83 0.1% AIR PRODUCTS AND CHEMICALS INC 1.5 15-OCT-2025 (SENIOR UNSECURED) 009158BB1 126 1.33 0.0% CHARTER COMMUNICATIONS OPERATING L 4.8 01-MAR-2050 (SECURED) 161175BT0 1,393 4.02 0.2% AIR PRODUCTS AND CHEMICALS INC 1.85 15-MAY-2027 (SENIOR UNSECURED) 009158AY2 162 1.65 0.0% CHARTER COMMUNICATIONS OPERATING L 4.908 23-JUL-2025 (SECURED) 161175AY0 1,461 2.17 0.2% AIR PRODUCTS AND CHEMICALS INC 2.05 15-MAY-2030 (SENIOR UNSECURED) 009158BC9 270 -5.00 0.0% COMCAST CORPORATION 3.2 15-JUL-2036 (SENIOR) 20030NBT7 487 2.55 0.1% AIR PRODUCTS AND CHEMICALS INC 2.8 15-MAY-2050 (SENIOR UNSECURED) 009158BA3 219 2.71 0.0% COMCAST CORPORATION 3.7 15-APR-2024 (SENIOR) 20030NCR0 2,928 1.19 0.4% CHEVRON PHILLIPS CHEMICAL COMPANY 5.125 01-APR-2025 144a (SENIOR UNSECURED) 166754AW1 1,137 3.11 0.2% COMCAST CORPORATION 3.75 01-APR-2040 (SENIOR UNSECURED) 20030NDH1 833 2.73 0.1% DOW CHEMICAL COMPANY (THE) 3.5 01-OCT-2024 (SENIOR) 260543CJ0 1,884 2.25 0.3% TIME WARNER CABLE INC 7.3 01-JUL-2038 (SENIOR) 88732JAN8 1,798 4.65 0.3% LYB INTERNATIONAL FINANCE III LLC 2.875 01-MAY-2025 (SENIOR UNSECURED) 50249AAB9 380 2.63 0.1% Metals and Mining 4,992 3.45 0.7% TIME WARNER ENTERTAINMENT CMPNY LP 8.375 15-MAR-2023 (SENIOR) 88731EAF7 1,023 2.63 0.1% BHP BILLITON FINANCE (USA) LTD HYBRID 6.25 19-OCT-2075 144a (CAPSEC (BTP)) 055451AW8 2,630 3.70 0.4% Media and Entertainment 6,446 3.36 0.9% NEWMONT CORPORATION 2.25 01-OCT-2030 (SENIOR UNSECURED) 651639AY2 378 2.34 0.1% DISCOVERY COMMUNICATIONS 4.125 15-MAY-2029 (SENIOR UNSECURED) 25470DBF5 2,089 3.39 0.3% NEWMONT GOLDCORP CORP 2.8 01-OCT-2029 (SENIOR UNSECURED) 651639AX4 988 2.41 0.1% DISCOVERY COMMUNICATIONS LLC 5.2 20-SEP-2047 (SENIOR) 25470DAT6 822 4.34 0.1% STEEL DYNAMICS INC 5.0 15-DEC-2026 (SENIOR) 858119BF6 609 4.31 0.1% FOX CORP 4.709 25-JAN-2029 (SENIOR UNSECURED) 35137LAH8 1,057 2.57 0.2% STEEL DYNAMICS INC 5.5 01-OCT-2024 (SENIOR) 858119BD1 387 4.21 0.1% VIACOM INC (NEW) 4.375 15-MAR-2043 (SENIOR) 92553PAP7 1,022 4.60 0.1% Paper 1,746 2.09 0.3% VIACOMCBS INC 4.95 15-JAN-2031 (SENIOR UNSECURED) 92556HAB3 449 4.18 0.1% GEORGIA-PACIFIC LLC 1.75 30-SEP-2025 144a (SENIOR UNSECURED) 37331NAJ0 486 1.70 0.1% WALT DISNEY CO 1.75 30-AUG-2024 (SENIOR UNSECURED) 254687FK7 490 1.33 0.1% GEORGIA-PACIFIC LLC 2.1 30-APR-2027 144a (SENIOR UNSECURED) 37331NAL5 385 2.10 0.1% WALT DISNEY CO 2.0 01-SEP-2029 (SENIOR UNSECURED) 254687FL5 516 2.01 0.1% GEORGIA-PACIFIC LLC 2.3 30-APR-2030 144a (SENIOR UNSECURED) 37331NAK7 875 2.30 0.1% Wireless 9,306 2.51 1.4% Capital Goods 24,132 2.18 3.5% CROWN CASTLE INTERNATIONAL CORP 5.25 15-JAN-2023 (SENIOR) 228227BD5 3,619 1.65 0.5% Aerospace and Defense 7,615 1.64 1.1% SPRINT SPECTRUM CO I/ II /III/ LLC ABS 4.738 20-SEP-2029 144a (SECURED) 85208NAD2 1,837 2.81 0.3% GENERAL DYNAMICS CORPORATION 3.0 11-MAY-2021 (SENIOR) 369550BE7 290 1.00 0.0% T-MOBILE USA INC 3.5 15-APR-2025 144a (SECURED) 87264ABA2 491 2.31 0.1% GENERAL DYNAMICS CORPORATION 3.375 15-MAY-2023 (SENIOR) 369550BD9 3,188 1.00 0.5% L3HARRIS TECHNOLOGIES INC 2.9 15-DEC-2029 (SENIOR UNSECURED) 502431AF6 430 2.60 0.1% T-MOBILE USA INC 3.875 15-APR-2030 144a (SECURED) 87264ABE4 1,184 2.71 0.2% L3HARRIS TECHNOLOGIES INC 3.85 15-JUN-2023 144a (SENIOR) 502431AB5 3,535 2.18 0.5% T-MOBILE USA INC 4.375 15-APR-2040 144a (SECURED) 87264AAW5 392 3.42 0.1% UNITED TECHNOLOGIES CORPORATION 3.65 16-AUG-2023 (SENIOR) 913017DB2 172 1.10 0.0% T-MOBILE USA INC 4.5 15-APR-2050 144a (SECURED) 87264AAY1 563 3.56 0.1% Building Materials 1,639 1.93 0.2% VODAFONE GROUP PLC 4.25 17-SEP-2050 (SENIOR UNSECURED) 92857WBU3 939 3.67 0.1% HOLCIM FINANCE (LUXEMBOURG) SA 1.75 29-AUG-2029 Reg-S (SENIOR) BRTC88B62 1,639 1.93 0.2% VODAFONE GROUP PLC 4.875 19-JUN-2049 (SENIOR) 92857WBS8 280 3.75 0.0%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 35 Holdings Water & Power Employees’ Retirement Plan | April 30, 2020

Market Yield to Market Market Yield to Market Underlying Description CUSIP Underlying Description CUSIP Value (m) Worst Value % Value (m) Worst Value % Wirelines 11,840 2.07 1.7% Pharmaceuticals 11,420 1.78 1.7% AT&T INC 3.375 15-MAR-2034 (SENIOR) BRSNK5FA8 2,424 1.63 0.4% ABBVIE INC 1.375 17-MAY-2024 (SENIOR) 00287YBA6 1,575 0.40 0.2% AT&T INC 4.35 01-MAR-2029 (SENIOR) 00206RHJ4 193 2.70 0.0% ABBVIE INC 2.6 21-NOV-2024 144a (SENIOR UNSECURED) 00287YBQ1 586 1.57 0.1% AT&T INC 4.5 09-MAR-2048 (SENIOR) 00206RDJ8 223 3.69 0.0% ABBVIE INC 2.95 21-NOV-2026 144a (SENIOR UNSECURED) 00287YBU2 585 1.94 0.1% AT&T INC 4.9 15-AUG-2037 (SENIOR) 00206RFW7 807 3.63 0.1% ABBVIE INC 4.05 21-NOV-2039 144a (SENIOR UNSECURED) 00287YBR9 883 3.29 0.1% DEUTSCHE TELEKOM AG 3.125 06-FEB-2034 Reg-S (SENIOR) BIE10FUK2 1,582 2.04 0.2% AMGEN INC 2.2 21-FEB-2027 (SENIOR UNSECURED) 031162CT5 305 1.72 0.0% DEUTSCHE TELEKOM INTERNATIONAL FIN 1.5 03-APR-2028 Reg-S (SENIOR) BRT0450B9 1,520 0.65 0.2% AMGEN INC 2.45 21-FEB-2030 (SENIOR UNSECURED) 031162CU2 915 2.05 0.1% VERIZON COMMUNICATIONS INC 3.15 22-MAR-2030 (SENIOR UNSECURED) 92343VFE9 278 1.90 0.0% BIOGEN INC 2.25 01-MAY-2030 (SENIOR UNSECURED) 09062XAH6 957 2.29 0.1% VERIZON COMMUNICATIONS INC 4.0 22-MAR-2050 (SENIOR UNSECURED) 92343VFD1 214 2.73 0.0% BIOGEN INC 3.15 01-MAY-2050 (SENIOR UNSECURED) 09062XAG8 875 3.30 0.1% VERIZON COMMUNICATIONS INC 4.5 10-AUG-2033 (SENIOR) 92343VEA8 4,598 2.38 0.7% BRISTOL-MYERS SQUIBB CO 2.9 26-JUL-2024 144a (SENIOR) 110122BZ0 909 1.21 0.1% Consumer Cyclical 15,589 2.58 2.3% ELI LILLY AND COMPANY 3.375 15-MAR-2029 (SENIOR) 532457BV9 3,831 1.62 0.6% Automotive 7,558 2.58 1.1% Supermarkets 377 2.15 0.1% GENERAL MOTORS FINANCIAL CO INC 4.35 09-APR-2025 (SENIOR) 37045XCK0 2,260 5.44 0.3% KROGER CO 2.2 01-MAY-2030 (SENIOR UNSECURED) 501044DP3 377 2.15 0.1% TOYOTA MOTOR CREDIT CORP 2.8 13-JUL-2022 (SENIOR) 89236TCQ6 3,080 1.15 0.4% Tobacco 970 3.57 0.1% VOLKSWAGEN LEASING GMBH 1.625 15-AUG-2025 Reg-S (SENIOR) BIE0MB5T8 2,218 1.64 0.3% IMPERIAL BRANDS FINANCE PLC 3.5 26-JUL-2026 144a (SENIOR UNSECURED) 45262BAB9 970 3.57 0.1% Retailers 7,518 2.63 1.1% Energy 21,486 4.96 3.1% COSTCO WHOLESALE CORPORATION 1.6 20-APR-2030 (SENIOR UNSECURED) 22160KAP0 689 1.71 0.1% Independent 5,526 7.23 0.8% MARATHON OIL CORP 2.8 01-NOV-2022 (SENIOR) 565849AK2 1,572 5.31 0.2% COSTCO WHOLESALE CORPORATION 1.75 20-APR-2032 (SENIOR UNSECURED) 22160KAQ8 284 1.78 0.0% MARATHON OIL CORP 4.4 15-JUL-2027 (SENIOR) 565849AP1 864 8.62 0.1% DOLLAR TREE INC 3.7 15-MAY-2023 (SENIOR) 256746AF5 1,444 2.00 0.2% NEWFIELD EXPLORATION COMPANY 5.375 01-JAN-2026 (SENIOR) 651290AR9 514 13.28 0.1% HOME DEPOT INC 2.7 15-APR-2030 (SENIOR UNSECURED) 437076CB6 428 1.93 0.1% NOBLE ENERGY INC 3.25 15-OCT-2029 (SENIOR UNSECURED) 655044AQ8 379 7.17 0.1% HOME DEPOT INC 3.35 15-APR-2050 (SENIOR UNSECURED) 437076CD2 388 2.82 0.1% NOBLE ENERGY INC 3.9 15-NOV-2024 (SENIOR) 655044AH8 1,712 6.54 0.2% LOWES COMPANIES INC 4.55 05-APR-2049 (SENIOR) 548661DS3 2,033 3.37 0.3% NOBLE ENERGY INC 4.2 15-OCT-2049 (SENIOR UNSECURED) 655044AR6 257 6.66 0.0% LOWES COMPANIES INC 5.125 15-APR-2050 (SENIOR UNSECURED) 548661DW4 807 3.46 0.1% NOBLE ENERGY INC 4.95 15-AUG-2047 (SENIOR) 655044AN5 205 7.47 0.0% TJX COMPANIES INC 3.875 15-APR-2030 (SENIOR UNSECURED) 872540AT6 555 2.51 0.1% NOBLE ENERGY INC 5.05 15-NOV-2044 (SENIOR) 655044AJ4 23 7.43 0.0% TJX COMPANIES INC 4.5 15-APR-2050 (SENIOR UNSECURED) 872540AU3 327 3.28 0.0% Integrated 2,948 1.67 0.4% VF CORPORATION 2.4 23-APR-2025 (SENIOR UNSECURED) 918204BA5 564 2.06 0.1% BP CAPITAL MARKETS PLC 1.077 26-JUN-2025 Reg-S (SENIOR) BRTB456R4 1,429 1.21 0.2% Consumer Cyclical Services 512 1.98 0.1% EXXON MOBIL CORP 2.019 16-AUG-2024 (SENIOR UNSECURED) 30231GBC5 579 1.28 0.1% MASTERCARD INC 3.3 26-MAR-2027 (SENIOR UNSECURED) 57636QAR5 285 1.49 0.0% EXXON MOBIL CORP 2.275 16-AUG-2026 (SENIOR) 30231GBD3 250 1.63 0.0% MASTERCARD INC 3.85 26-MAR-2050 (SENIOR UNSECURED) 57636QAQ7 227 2.60 0.0% EXXON MOBIL CORP 3.095 16-AUG-2049 (SENIOR UNSECURED) 30231GAZ5 690 2.97 0.1% Consumer Non-Cyclical 37,532 1.74 5.5% Oil Field Services 1,244 4.49 0.2% Food and Beverage 5,863 1.84 0.9% SCHLUMBERGER HOLDINGS CORP 4.3 01-MAY-2029 144a (SENIOR) 806851AH4 1,244 4.49 0.2% ANHEUSER BUSCH INBEV NV 1.15 22-JAN-2027 Reg-S (SENIOR) BRTER53E5 1,463 0.78 0.2% Midstream 11,767 4.76 1.7% ANHEUSER-BUSCH COMPANIES LLC 3.65 01-FEB-2026 (SENIOR UNSECURED) 03522AAG5 870 1.89 0.1% CHENIERE CORPUS CHRISTI HOLDINGS L 7.0 30-JUN-2024 (SECURED) 16412XAD7 1,487 4.89 0.2% ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.15 23-JAN-2025 (SENIOR) 03523TBX5 817 1.56 0.1% ENBRIDGE ENERGY PARTNERS LP 5.5 15-SEP-2040 (SENIOR) 29250RAT3 227 5.09 0.0% BUNGE LIMITED FINANCE CORPORATION 4.35 15-MAR-2024 (SENIOR) 120568BA7 593 3.12 0.1% ENERGY TRANSFER OPERATING LP 5.25 15-APR-2029 (SENIOR) 29278NAG8 1,258 4.96 0.2% COCA-COLA CO 1.45 01-JUN-2027 (SENIOR UNSECURED) 191216CU2 225 1.48 0.0% ENERGY TRANSFER OPERATING LP 6.25 15-APR-2049 (SENIOR) 29279FAA7 560 6.26 0.1% COCA-COLA CO 2.5 01-JUN-2040 (SENIOR UNSECURED) 191216CW8 259 2.52 0.0% ENTERPRISE PRODUCTS OPERATING LLC 4.2 31-JAN-2050 (SENIOR UNSECURED) 29379VBW2 444 4.21 0.1% MARS INCORPORATED 3.95 01-APR-2049 144a (SENIOR) 571676AF2 1,085 2.78 0.2% MPLX LP 4.125 01-MAR-2027 (SENIOR) 55336VAK6 1,066 4.69 0.2% MONDELEZ INTERNATIONAL INC 1.5 04-MAY-2025 (SENIOR UNSECURED) 609207AU9 552 1.61 0.1% MPLX LP 5.5 15-FEB-2049 (SENIOR) 55336VAT7 939 5.51 0.1% Healthcare 18,902 1.58 2.8% ONEOK INC 7.5 01-SEP-2023 (SENIOR) 682680AR4 2,097 4.79 0.3% ABBOTT IRELAND FINANCING DAC 1.5 27-SEP-2026 Reg-S (SENIOR) BIE0PA237 3,055 0.45 0.4% SABINE PASS LIQUEFACTION LLC 5.75 15-MAY-2024 (SECURED) 785592AJ5 2,437 4.32 0.4% ALCON FINANCE CORP 2.75 23-SEP-2026 144a (SENIOR UNSECURED) 01400EAA1 210 1.98 0.0% TENNESSEE GAS PIPELINE COMPANY LLC 2.9 01-MAR-2030 144a (SENIOR UNSECURED) 880451AZ2 796 3.45 0.1% BECTON DICKINSON AND COMPANY 1.401 24-MAY-2023 (SENIOR) 075887CH0 2,903 1.18 0.4% TRANSCANADA TRUST 5.5 15-SEP-2079 (JUNIOR SUB) 89356BAE8 455 5.50 0.1% CIGNA CORP 2.10888 15-JUL-2023 (SENIOR) 125523AC4 3,213 2.50 0.5% Technology 20,963 1.98 3.1% CIGNA CORP 2.4 15-MAR-2030 (SENIOR UNSECURED) 125523CL2 370 2.29 0.1% ANALOG DEVICES INC 2.95 12-JAN-2021 (SENIOR) 032654AR6 169 1.06 0.0% CIGNA CORP 3.2 15-MAR-2040 (SENIOR UNSECURED) 125523CJ7 362 2.99 0.1% APPLE INC 2.05 11-SEP-2026 (SENIOR UNSECURED) 037833DN7 670 1.17 0.1% CIGNA CORP 4.125 15-NOV-2025 (SENIOR UNSECURED) 125523AG5 1,861 1.72 0.3% BROADCOM INC 4.7 15-APR-2025 144a (SENIOR UNSECURED) 11135FAF8 293 2.43 0.0% CVS HEALTH CORP 3.7 09-MAR-2023 (SENIOR) 126650CV0 5,973 1.43 0.9% BROADCOM INC 5.0 15-APR-2030 144a (SENIOR UNSECURED) 11135FAH4 472 3.51 0.1% CVS HEALTH CORP 3.75 01-APR-2030 (SENIOR UNSECURED) 126650DJ6 446 2.44 0.1% FIDELITY NATIONAL INFORMATION SERV 1.5 21-MAY-2027 (SENIOR) BIE17MTW6 2,988 0.96 0.4% CVS HEALTH CORP 4.78 25-MAR-2038 (SENIOR) 126650CY4 510 3.39 0.1% FISERV INC 3.5 01-JUL-2029 (SENIOR) 337738AU2 2,242 2.28 0.3%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 36 Holdings Water & Power Employees’ Retirement Plan | April 30, 2020

Market Value Yield to Market Market Yield to Market Underlying Description CUSIP Underlying Description CUSIP (m) Worst Value % Value (m) Worst Value % GLOBAL PAYMENTS INC 2.65 15-FEB-2025 (SENIOR UNSECURED) 37940XAA0 833 1.99 0.1% NRG ENERGY INC 3.75 15-JUN-2024 144a (1ST LIEN) 629377CK6 488 3.11 0.1% GLOBAL PAYMENTS INC 3.2 15-AUG-2029 (SENIOR UNSECURED) 37940XAB8 1,028 2.80 0.2% NRG ENERGY INC 4.45 15-JUN-2029 144a (1ST LIEN) 629377CL4 796 4.04 0.1% INTERNATIONAL BUSINESS MACHINES CO 1.95 15-MAY-2030 (SENIOR UNSECURED) 459200KJ9 573 1.99 0.1% OGLETHORPE POWER CORPORATION MORT 5.05 01-OCT-2048 (SECURED) 677050AN6 663 4.20 0.1% INTERNATIONAL BUSINESS MACHINES CO 3.0 15-MAY-2024 (SENIOR UNSECURED) 459200JY8 1,873 1.16 0.3% PACIFICORP 2.7 15-SEP-2030 (SECURED) 695114CW6 169 1.75 0.0% LAM RESEARCH CORPORATION 1.9 15-JUN-2030 (SENIOR UNSECURED) 512807AV0 154 1.93 0.0% PACIFICORP 3.3 15-MAR-2051 (SECURED) 695114CX4 237 2.69 0.0% LAM RESEARCH CORPORATION 2.875 15-JUN-2050 (SENIOR UNSECURED) 512807AW8 698 2.89 0.1% MICROCHIP TECHNOLOGY INCORPORATED 3.922 01-JUN-2021 (1ST LIEN) 595017AN4 341 2.34 0.0% PACIFICORP MORT 3.5 15-JUN-2029 (SECURED) 695114CU0 3,214 1.82 0.5% MICROCHIP TECHNOLOGY INCORPORATED 4.333 01-JUN-2023 (SECURED) 595017AP9 2,270 3.01 0.3% SOUTHERN CALIFORNIA EDISON COMPANY 3.65 01-FEB-2050 (SECURED) 842400GT4 735 3.19 0.1% NVIDIA CORPORATION 2.85 01-APR-2030 (SENIOR UNSECURED) 67066GAF1 546 1.84 0.1% SOUTHERN CALIFORNIA EDISON COMPANY 4.875 01-MAR-2049 (SECURED) 842400GR8 1,083 3.37 0.2% NXP BV 3.4 01-MAY-2030 144a (SENIOR UNSECURED) 62954HAD0 187 3.29 0.0% SOUTHERN CALIFORNIA EDISON COMPANY MORT 4.0 01-APR-2047 (SECURED) 842400GG2 541 3.36 0.1% NXP BV 4.875 01-MAR-2024 144a (SENIOR) 62947QAZ1 3,081 2.44 0.4% TRANS-ALLEGHENY INTERSTATE LINE CO 3.85 01-JUN-2025 144a (SENIOR) 893045AE4 362 1.38 0.1% NXP BV/NXP FUNDING LLC 4.3 18-JUN-2029 144a (SENIOR UNSECURED) 62954HAB4 81 3.45 0.0% VISTRA OPERATIONS COMPANY LLC 3.55 15-JUL-2024 144a (1ST LIEN) 92840VAD4 1,268 3.34 0.2% NXP BV/NXP FUNDING LLC/NXP USA 2.7 01-MAY-2025 144a (SENIOR UNSECURED) 62954HAE8 96 2.41 0.0% XCEL ENERGY INC 2.6 01-DEC-2029 (SENIOR UNSECURED) 98389BAW0 248 2.06 0.0% ORACLE CORPORATION 2.4 15-SEP-2023 (SENIOR) 68389XBL8 1,598 0.88 0.2% XCEL ENERGY INC 3.4 01-JUN-2030 (SENIOR UNSECURED) 98389BAY6 363 2.08 0.1% ORACLE CORPORATION 2.95 01-APR-2030 (SENIOR UNSECURED) 68389XBV6 769 1.87 0.1% XCEL ENERGY INC 3.5 01-DEC-2049 (SENIOR UNSECURED) 98389BAX8 419 2.98 0.1% Transportation 10,793 4.32 1.6% Natural Gas 1,976 2.29 0.3% Airlines 6,306 5.59 0.9% BROOKLYN UNION GAS CO 3.865 04-MAR-2029 144a (SENIOR) 114259AT1 1,557 2.29 0.2% DELTA AIR LINES INC 7.0 01-MAY-2025 144a (1ST LIEN) 247361ZX9 1,252 6.39 0.2% NISOURCE INC 3.6 01-MAY-2030 (SENIOR UNSECURED) 65473PAJ4 419 2.28 0.1% UNITED AIRLINES 2014-2 CLASS A PAS EETC 3.75 03-SEP-2026 (SENIOR) 90932QAA4 1,121 6.78 0.2% Utility Other 2,728 2.17 0.4% UNITED AIRLINES INC 2015-1-AA 3.45 01-JUN-2029 (SECURED) 90932LAA5 3,933 5.00 0.6% AMERICAN WATER CAPITAL CORP 3.45 01-JUN-2029 (SENIOR) 03040WAU9 1,975 1.96 0.3% Railroads 4,487 2.52 0.7% UNION PACIFIC CORPORATION 2.4 05-FEB-2030 (SENIOR UNSECURED) 907818FH6 2,413 2.03 0.4% ESSENTIAL UTILITIES INC 2.704 15-APR-2030 (SENIOR UNSECURED) 29670GAD4 380 2.39 0.1% UNION PACIFIC CORPORATION 3.25 05-FEB-2050 (SENIOR UNSECURED) 907818FK9 2,074 3.09 0.3% ESSENTIAL UTILITIES INC 3.351 15-APR-2050 (SENIOR UNSECURED) 29670GAE2 372 3.10 0.1% Industrial Other 1,903 1.91 0.3% Financial Institutions 96,822 2.76 14.1% CK HUTCHISON INTERNATIONAL (17) LT 2.875 05-APR-2022 144a (SENIOR) 12563UAA5 1,903 1.91 0.3% Banking 70,215 2.29 10.2% Utility 45,514 2.48 6.6% ALLY FINANCIAL INC 8.0 01-NOV-2031 (SENIOR) 36186CBY8 1,286 5.39 0.2% Electric 40,811 2.51 6.0% BANK OF AMERICA CORP 2.496 13-FEB-2031 (SENIOR UNSECURED) 06051GHZ5 1,504 2.27 0.2% AEP TEXAS INC 3.45 15-JAN-2050 (SENIOR UNSECURED) 00108WAK6 219 2.88 0.0% BANK OF AMERICA CORP 2.592 29-APR-2031 (SENIOR UNSECURED) 06051GJB6 487 2.29 0.1% AEP TEXAS INC 4.15 01-MAY-2049 (SENIOR) 00108WAJ9 2,136 3.17 0.3% BANK OF AMERICA CORP 2.625 19-OCT-2020 (SENIOR) 06051GFT1 1,955 1.15 0.3% ATLANTIC CITY ELECTRIC CO MORT 4.0 15-OCT-2028 (SECURED) 048303CH2 205 2.16 0.0% BANK OF AMERICA CORP 3.458 15-MAR-2025 (SENIOR) 06051GHR3 2,564 1.84 0.4% AVANGRID INC 3.15 01-DEC-2024 (SENIOR) 05351WAA1 1,000 1.68 0.1% BANK OF AMERICA CORP 4.083 20-MAR-2051 (SENIOR UNSECURED) 06051GJA8 635 3.04 0.1% AVANGRID INC 3.2 15-APR-2025 (SENIOR UNSECURED) 05351WAC7 862 1.99 0.1% BANK OF MONTREAL 1.85 01-MAY-2025 (SENIOR UNSECURED) 06367WB85 1,370 1.77 0.2% BERKSHIRE HATHAWAY ENERGY CO 4.25 15-OCT-2050 144a (SENIOR UNSECURED) 084659AW1 546 2.85 0.1% BB&T CORP 3.875 19-MAR-2029 (SUB) 05531GAB7 1,136 3.07 0.2% CENTERPOINT ENERGY INC 3.85 01-FEB-2024 (SENIOR) 15189TAU1 3,338 1.89 0.5% BRANCH BANKING AND TRUST COMPANY 2.15 06-DEC-2024 (SENIOR UNSECURED) 07330NAT2 258 1.61 0.0% CLEVELAND ELECTRIC ILLUMINATING CO 3.5 01-APR-2028 144a (SENIOR) 186108CK0 1,421 2.50 0.2% CLP POWER HONG KONG FINANCING LTD 2.875 26-APR-2023 Reg-S (SENIOR) BRSG160T7 988 1.88 0.1% BRANCH BANKING AND TRUST COMPANY 2.636 17-SEP-2029 (SUB) 07330MAC1 474 1.89 0.1% CONSUMERS ENERGY COMPANY MORT 3.8 15-NOV-2028 (SECURED) 210518DC7 2,364 1.67 0.3% CITIBANK NA 3.4 23-JUL-2021 (SENIOR) 17325FAQ1 2,188 1.19 0.3% DUKE ENERGY CORP PERP 4.875 31-DEC-2049 (CAPSEC (BTP)) 26441CBG9 862 4.06 0.1% CITIGROUP INC 2.75 24-JAN-2024 (SENIOR) BIE0YPK26 2,614 1.92 0.4% DUKE ENERGY INDIANA LLC 2.75 01-APR-2050 (SECURED) 26443TAC0 1,168 2.65 0.2% CITIGROUP INC 3.106 08-APR-2026 (SENIOR UNSECURED) 172967MQ1 4,929 2.21 0.7% DUKE ENERGY INDIANA LLC 3.25 01-OCT-2049 (SECURED) 26443TAB2 487 2.72 0.1% CITIZENS BANK NA 3.7 29-MAR-2023 (SENIOR) 17401QAQ4 573 1.93 0.1% ENEL SPA HYBRID 8.75 24-SEP-2073 144a (CAPSEC (BTP)) 29265WAA6 886 4.46 0.1% CITIZENS FINANCIAL GROUP INC 2.85 27-JUL-2026 (SENIOR UNSECURED) 174610AR6 2,346 2.78 0.3% ENTERGY LOUISIANA LLC MORT 4.0 15-MAR-2033 (SECURED) 29364WBA5 2,868 2.20 0.4% CITIZENS FINANCIAL GROUP INC T2 4.3 03-DEC-2025 (SUB) 174610AK1 1,437 2.82 0.2% ENTERGY LOUISIANA LLC MORT 4.95 15-JAN-2045 (SECURED) 29364WAV0 181 3.03 0.0% CREDIT AGRICOLE SA (NEW YORK BRANC 3.25 14-JAN-2030 144a (SUB) 225313AM7 2,918 3.08 0.4% ENTERGY TEXAS INC 3.55 30-SEP-2049 (First Mortgage) 29365TAJ3 440 2.83 0.1% CREDIT SUISSE GROUP AG 2.593 11-SEP-2025 144a (SENIOR UNSECURED) 225401AM0 651 2.44 0.1% EVERGY KANSAS CENTRAL INC MORT 3.45 15-APR-2050 (SECURED) 30036FAA9 995 2.71 0.1% CREDIT SUISSE GROUP AG 4.194 01-APR-2031 144a (SENIOR UNSECURED) 225401AP3 880 3.13 0.1% EXELON CORPORATION 3.95 15-JUN-2025 (SENIOR) 30161NAN1 2,140 1.68 0.3% FIFTH THIRD BANCORP 2.375 28-JAN-2025 (SENIOR UNSECURED) 316773CY4 481 1.99 0.1% FIRSTENERGY TRANSMISSION LLC 4.55 01-APR-2049 144a (SENIOR) 33767BAC3 1,195 3.51 0.2% FIFTH THIRD BANCORP 3.65 25-JAN-2024 (SENIOR) 316773CX6 572 1.97 0.1% LOUISVILLE GAS AND ELECTRIC COMPAN 4.25 01-APR-2049 (SENIOR) 546676AY3 1,026 2.92 0.1% FIFTH THIRD BANK T2 3.85 15-MAR-2026 (SUB) 31677AAB0 1,513 2.43 0.2% MIDAMERICAN ENERGY COMPANY 3.15 15-APR-2050 (SENIOR) 595620AV7 562 2.50 0.1% NATIONAL RURAL UTILITIES COOP FINA 5.25 20-APR-2046 (CAPSEC (BTP)) 637432NK7 447 4.40 0.1% GOLDMAN SACHS GROUP INC 6.0 15-JUN-2020 (SENIOR) 38141EA66 1,691 1.67 0.2% NATIONAL RURAL UTILITIES COOP FINA HYBRID 4.75 30-APR-2043 (CAPSEC (BTP)) 637432MT9 740 3.70 0.1% GOLDMAN SACHS GROUP INC/THE 2.6 07-FEB-2030 (SENIOR UNSECURED) 38141GXG4 523 2.72 0.1% NEVADA POWER COMPANY 3.125 01-AUG-2050 (SECURED) 641423CE6 410 2.77 0.1% GOLDMAN SACHS GROUP INC/THE 3.5 01-APR-2025 (SENIOR UNSECURED) 38141GXJ8 305 2.07 0.0% NEXTERA ENERGY CAPITAL HOLDINGS IN 3.15 01-APR-2024 (SENIOR) 65339KBG4 2,737 1.47 0.4% HUNTINGTON NATIONAL BANK (THE) 3.125 01-APR-2022 (SENIOR) 44644AAH0 2,999 1.37 0.4%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 37 Holdings Water & Power Employees’ Retirement Plan | April 30, 2020

Market Yield to Market Market Yield to Market Underlying Description CUSIP Underlying Description CUSIP Value (m) Worst Value % Value (m) Worst Value % JPMORGAN CHASE & CO 2.522 22-APR-2031 (SENIOR UNSECURED) 46647PBL9 640 2.19 0.1% Insurance 10,689 4.91 1.6% JPMORGAN CHASE & CO 3.109 22-APR-2041 (SENIOR UNSECURED) 46647PBM7 369 2.81 0.1% Life Insurance 5,104 8.57 0.7% METLIFE INC 3.6 13-NOV-2025 (SENIOR) 59156RBQ0 1,116 1.62 0.2% JPMORGAN CHASE & CO 3.109 22-APR-2051 (SENIOR UNSECURED) 46647PBN5 550 2.83 0.1% METLIFE INC T1-P 5.25 31-DEC-2049 (CAPSEC (BTP)) 59156RBP2 559 50.00 0.1% JPMORGAN CHASE & CO 3.702 06-MAY-2030 (SENIOR) 46647PBD7 920 2.36 0.1% PRUDENTIAL FINANCIAL INC HYBRID 5.375 15-MAY-2045 (CAPSEC (BTP)) 744320AV4 1,610 4.98 0.2% JPMORGAN CHASE & CO 4.023 05-DEC-2024 (SENIOR) 46647PAY2 1,257 1.64 0.2% PRUDENTIAL FINANCIAL INC PERP 3.7 13-MAR-2051 (CAPSEC (BTP)) 74432QCF0 973 3.36 0.1% JPMORGAN CHASE & CO 5.0 31-DEC-2049 (JUNIOR SUB) 48128BAF8 580 4.20 0.1% REINSURANCE GROUP OF AMERICA INCOR 3.9 15-MAY-2029 (SENIOR) 759351AN9 845 3.22 0.1% JPMORGAN CHASE & CO PERP 4.6 31-DEC-2049 (CAPSEC (BTP)) 48128BAG6 209 4.12 0.0% Property and Casualty 5,585 1.56 0.8% KEYBANK NA T2 3.4 20-MAY-2026 (SUB) 49327V2A1 2,906 2.55 0.4% ALLSTATE CORPORATION (THE) 3.28 15-DEC-2026 (SENIOR) 020002BD2 1,921 1.76 0.3% CHUBB INA HOLDINGS INC 0.875 15-JUN-2027 (SENIOR) 171239AC0 3,152 1.10 0.5% KEYBANK NATIONAL ASSOCIATION 2.4 09-JUN-2022 (SENIOR) 49327M2S2 258 1.36 0.0% XLIT LTD T2 5.5 31-MAR-2045 (CAPSEC (BTP)) 98420EAD7 512 3.69 0.1% MANUFACTURERS AND TRADERS TRUST CO 2.5 18-MAY-2022 (SENIOR) 55279HAL4 405 1.10 0.1% REITs 4,426 2.77 0.6% MORGAN STANLEY 1.66763 08-MAY-2024 (SENIOR) 61744YAG3 931 2.10 0.1% Other REIT 4,426 2.77 0.6% MORGAN STANLEY 2.188 28-APR-2026 (SENIOR UNSECURED) 6174468Q5 703 1.93 0.1% AMTT_13-2A 3.07 15-MAR-2048 144a 03027WAJ1 1,081 1.92 0.2% MORGAN STANLEY 3.622 01-APR-2031 (SENIOR UNSECURED) 6174468P7 530 2.46 0.1% CUBESMART LP 3.0 15-FEB-2030 (SENIOR UNSECURED) 22966RAF3 2,081 3.27 0.3% MORGAN STANLEY 5.597 24-MAR-2051 (SENIOR UNSECURED) 6174468N2 768 3.33 0.1% DIGITAL REALTY TRUST LP 3.6 01-JUL-2029 (SENIOR UNSECURED) 25389JAU0 1,265 2.67 0.2% Financial Other 2,039 0.94 0.3% MORGAN STANLEY LT2 5.0 24-NOV-2025 (SUB) 6174467X1 1,539 2.47 0.2% VONOVIA FINANCE BV 1.5 22-MAR-2026 Reg-S (SENIOR) BRTFYMNM7 2,039 0.94 0.3% NORTHERN TRUST CORPORATION 1.95 01-MAY-2030 (SENIOR UNSECURED) 665859AV6 918 1.97 0.1% High Yield 102,273 6.58 14.9% PNC BANK NATIONAL ASSOCIATION LT2 2.7 01-NOV-2022 (SUB) 69349LAG3 712 1.28 0.1% Industrial 82,053 6.97 12.0% PNC BANK NATIONAL ASSOCIATION T2 4.05 26-JUL-2028 (SUB) 69349LAR9 744 2.37 0.1% Basic Industry 6,251 8.03 0.9% PNC FINANCIAL SERVICES GROUP INC ( 2.6 23-JUL-2026 (SENIOR UNSECURED) 693475AX3 2,325 1.81 0.3% Chemicals 1,972 6.52 0.3% REGIONS FINANCIAL CORPORATION 2.75 14-AUG-2022 (SENIOR) 7591EPAM2 312 1.92 0.0% METHANEX CORPORATION 5.25 15-DEC-2029 (SENIOR) 59151KAL2 354 7.55 0.1% OLIN CORP 5.0 01-FEB-2030 (SENIOR) 680665AK2 1,122 6.73 0.2% REGIONS FINANCIAL CORPORATION 3.8 14-AUG-2023 (SENIOR) 7591EPAP5 565 1.95 0.1% POLYONE CORPORATION 5.75 15-MAY-2025 144a (SENIOR UNSECURED) 73179PAM8 496 5.33 0.1% STATE STREET CORP 3.3 16-DEC-2024 (SENIOR) 857477AN3 2,039 1.23 0.3% Metals and Mining 4,278 8.72 0.6% SUNTRUST BANK BN 2.45 01-AUG-2022 (SENIOR) 86787EAT4 488 1.40 0.1% FREEPORT-MCMORAN COPPER & GOLD INC 5.45 15-MAR-2043 (SENIOR) 35671DBC8 1,336 6.04 0.2% SUNTRUST BANK BN 3.0 02-FEB-2023 (SENIOR) 86787EAV9 383 1.43 0.1% HUDBAY MINERALS INC 7.625 15-JAN-2025 144a (SENIOR) 443628AG7 815 10.07 0.1% SUNTRUST BANKS INC 2.7 27-JAN-2022 (SENIOR) 867914BM4 1,081 1.31 0.2% IAMGOLD CORP 7.0 15-APR-2025 144a (SENIOR) 450913AE8 214 6.43 0.0% JOSEPH T RYERSON & SON INC 11.0 15-MAY-2022 144a (SECURED) 48088LAA5 493 12.93 0.1% TRUIST BANK 2.25 11-MAR-2030 (SUB) 89788KAA4 517 2.56 0.1% NOVELIS CORP 5.875 30-SEP-2026 144a (SENIOR) 670001AC0 859 6.31 0.1% US BANCORP 3.0 30-JUL-2029 (SUB) 91159HHW3 1,271 2.37 0.2% TMS INTERNATIONAL CORP 7.25 15-AUG-2025 144a (SENIOR) 87261QAB9 561 13.99 0.1% US BANCORP 3.95 17-NOV-2025 (SENIOR) 91159HHU7 183 1.09 0.0% Capital Goods 16,313 6.56 2.4% US BANCORP CAPITAL I T1-P 5.125 31-DEC-2049 (CAPSEC (BTP)) 902973AY2 1,928 5.13 0.3% Aerospace and Defense 2,064 10.00 0.3% US BANCORP LT2 3.6 11-SEP-2024 (SUB) 91159HHK9 2,671 1.53 0.4% BOMBARDIER INC 7.5 15-MAR-2025 144a (SENIOR) 097751BM2 441 18.62 0.1% US BANK NATIONAL ASSOCIATION 3.4 24-JUL-2023 (SENIOR) 90331HNV1 410 1.10 0.1% BOMBARDIER INC 7.875 15-APR-2027 144a (SENIOR) 097751BT7 176 16.40 0.0% TRANSDIGM INC 6.25 15-MAR-2026 144a (SECURED) 893647BE6 1,447 6.59 0.2% WELLS FARGO & COMPANY 3.068 30-APR-2041 (SENIOR UNSECURED) 95000U2Q5 415 3.13 0.1% Building Materials 5,144 6.28 0.8% WELLS FARGO CAPITAL X T1 5.95 01-DEC-2086 (CAPSEC (BTP)) 949746NL1 1,665 3.53 0.2% BMC EAST LLC 5.5 01-OCT-2024 144a (SECURED) 055604AA0 736 6.63 0.1% ZIONS BANCORPORATION NATIONAL ASSO 3.35 04-MAR-2022 (SENIOR) 98971DAA8 736 3.22 0.1% BOISE CASCADE CO 5.625 01-SEP-2024 144a (SENIOR) 09739DAC4 717 5.51 0.1% Brokerage/Asset Managers/Exchanges 6,152 2.91 0.9% NEW ENTERPRISE STONE & LIME CO INC 10.125 01-APR-2022 144a (SENIOR) 644274AE2 1,234 10.14 0.2% CHARLES SCHWAB CORPORATION (THE) 3.2 25-JAN-2028 (SENIOR) 808513AU9 215 2.21 0.0% STANDARD INDUSTRIES INC (DELAWARE) 6.0 15-OCT-2025 144a (SENIOR) 120111BN8 2,457 4.46 0.4% CHARLES SCHWAB CORPORATION (THE) 3.25 21-MAY-2021 (SENIOR) 808513AW5 222 1.16 0.0% Construction Machinery 3,362 5.17 0.5% UNITED RENTALS (NORTH AMERICA) INC 5.25 15-JAN-2030 (SENIOR) 911365BL7 1,278 5.14 0.2% CHARLES SCHWAB CORPORATION (THE) 3.85 21-MAY-2025 (SENIOR) 808513AX3 1,350 1.17 0.2% UNITED RENTALS (NORTH AMERICA) INC 5.875 15-SEP-2026 (SENIOR) 911365BE3 1,215 5.00 0.2% CHARLES SCHWAB CORPORATION (THE) PERP 5.375 31-DEC-2049 (CAPSEC (BTP)) 808513BD6 650 4.52 0.1% UNITED RENTALS (NORTH AMERICA) INC 6.5 15-DEC-2026 (SENIOR) 911365BK9 869 5.45 0.1% JEFFERIES GROUP INC 6.5 20-JAN-2043 (SENIOR) 472319AM4 630 6.02 0.1% Diversified Manufacturing 1,245 6.09 0.2% JEFFERIES GROUP LLC 4.15 23-JAN-2030 (SENIOR) 47233JBH0 885 4.22 0.1% ENPRO INDUSTRIES INC 5.75 15-OCT-2026 (SENIOR) 29355XAG2 1,245 6.09 0.2% TIAA ASSET MANAGEMENT FINANCE COMP 4.125 01-NOV-2024 144a (SENIOR) 87246YAC0 2,199 2.33 0.3% Packaging 3,255 6.48 0.5% Finance Companies 3,300 6.58 0.5% ARDAGH PACKAGING FINANCE PLC/ARDAG 6.0 15-FEB-2025 144a (SENIOR) 03969AAL4 1,193 5.72 0.2% BERRY GLOBAL ESCROW CORPORATION 5.625 15-JUL-2027 144a (2ND LIEN) 085770AB1 1,504 4.60 0.2% AERCAP IRELAND CAPITAL LTD / AERCA 3.65 21-JUL-2027 (SENIOR) 00774MAB1 1,543 6.58 0.2% BWAY HOLDING CO 7.25 15-APR-2025 144a (SENIOR) 12429TAE4 558 13.19 0.1% AIR LEASE CORPORATION 3.0 01-FEB-2030 (SENIOR UNSECURED) 00914AAG7 789 5.69 0.1% Environmental 1,243 6.45 0.2% INTERNATIONAL LEASE FINANCE CORP 8.625 15-JAN-2022 (SENIOR) 459745GK5 967 7.31 0.1% COVANTA HOLDING CORP 5.875 01-JUL-2025 (SENIOR) 22282EAG7 1,243 6.45 0.2%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 38 Holdings Water & Power Employees’ Retirement Plan | April 30, 2020

Market Yield to Market Market Yield to Market Underlying Description CUSIP Underlying Description CUSIP Value (m) Worst Value % Value (m) Worst Value % Energy 12,223 11.69 1.8% HY Rated 43,845 5.80 6.4% Independent 5,310 10.70 0.8% Industrial 35,397 5.18 5.2% CONTINENTAL RESOURCES INC 3.8 01-JUN-2024 (SENIOR) 212015AN1 1,096 8.93 0.2% Capital Goods 5,383 4.56 0.8% MURPHY OIL CORPORATION 5.75 15-AUG-2025 (SENIOR) 626717AJ1 421 14.11 0.1% Aerospace and Defense 1,579 5.12 0.2% MURPHY OIL CORPORATION 5.875 01-DEC-2027 (SENIOR UNSECURED) 626717AM4 1,204 12.48 0.2% TRANSDIGM INC TL-F 2.57963 31-DEC-2025 BIE1R25F1 1,579 5.12 0.2% OCCIDENTAL PETROLEUM CORPORATION 2.9 15-AUG-2024 (SENIOR UNSECURED) 674599CW3 532 9.74 0.1% Building Materials 1,607 3.97 0.2% QUIKRETE HOLDINGS INC TL-B 2.82963 29-JAN-2027 BIE1QSMT6 1,607 3.97 0.2% SOUTHWESTERN ENERGY COMPANY 7.75 01-OCT-2027 (SENIOR) 845467AN9 2,057 10.16 0.3% Diversified Manufacturing 326 6.44 0.0% Oil Field Services 981 31.77 0.1% HUSKY IMS (TITAN ACQUISITION LTD) TL-B 5.23438 28-MAR-2025 BRTFW0YQ6 326 6.44 0.0% PRECISION DRILLING CORPORATION 7.125 15-JAN-2026 144a (SENIOR) 740212AL9 248 28.92 0.0% Packaging 1,871 4.26 0.3% PRECISION DRILLING CORPORATION 7.75 15-DEC-2023 (SENIOR) 740212AK1 307 36.33 0.0% BERRY GLOBAL INC TL-U 01-JUL-2026 BIE1NY136 1,427 3.12 0.2% TRANSOCEAN INC 7.25 01-NOV-2025 144a (SENIOR) 893830BK4 425 30.14 0.1% BWAY HOLDING COMPANY TL-B 5.5895 03-APR-2024 BRT92S469 444 7.94 0.1% Midstream 5,932 9.26 0.9% Communications 5,996 3.74 0.9% CHENIERE ENERGY PARTNERS LP 5.25 01-OCT-2025 (SENIOR) 16411QAB7 873 6.11 0.1% Cable and Satellite 654 5.02 0.1% CRESTWOOD MIDSTREAM PARTNERS LP 5.625 01-MAY-2027 144a (SENIOR) 226373AQ1 934 13.32 0.1% RCN GRANDE COMMUNICATIONS TL 5.23438 01-FEB-2024 BRT72SAC3 654 5.02 0.1% ENERGY TRANSFER OPERATING LP PERP 7.125 15-DEC-2049 (CAPSEC (BTP)) 29278NAT0 842 8.43 0.1% Media and Entertainment 3,083 3.31 0.4% GENESIS ENERGY LP/ GENESIS ENERGY 6.5 01-OCT-2025 (SENIOR) 37185LAJ1 1,520 10.27 0.2% LAMAR MEDIA CORP TL-B 1.82963 30-JAN-2027 BIE1QT274 1,722 2.44 0.3% TARGA RESOURCES PARTNERS LP 5.375 01-FEB-2027 (SENIOR) 87612BBE1 851 8.22 0.1% NEXSTAR BROADCASTING INC TL-B 19-SEP-2026 BIE19VQF4 1,360 4.41 0.2% TARGA RESOURCES PARTNERS LP 5.875 15-APR-2026 (SENIOR) 87612BBJ0 913 8.20 0.1% Wirelines 2,259 3.95 0.3% Technology 6,350 5.78 0.9% CENTURYLINK INC TL-B 2.57963 15-MAR-2027 BIE1QN053 1,634 3.46 0.2% CDK GLOBAL INC 5.0 15-OCT-2024 (SENIOR) 12508EAD3 1,638 3.93 0.2% FRONTIER COMMUNICATIONS CORPORATIO TL-B1 5.99 15-JUN-2024 BRTAJJRQ9 625 5.22 0.1% COMMSCOPE TECHNOLOGIES LLC 5.0 15-MAR-2027 144a (SENIOR) 20338HAB9 992 7.63 0.1% Consumer Cyclical 1,689 4.38 0.2% IRON MOUNTAIN US HOLDINGS INC 5.375 01-JUN-2026 144a (SENIOR) 46289RAA3 1,136 5.32 0.2% Gaming 1,689 4.38 0.2% SS&C TECHNOLOGIES INC 5.5 30-SEP-2027 144a (SENIOR) 78466CAC0 1,264 4.81 0.2% STARS GROUP HOLDINGS (AMAYA) TL 5.82988 10-JUL-2025 BRTJGZKC5 1,689 4.38 0.2% Consumer Non-Cyclical 9,123 5.33 1.3% VERSCEND ESCROW CORP 9.75 15-AUG-2026 144a (SENIOR) 92535WAA8 1,320 8.03 0.2% Consumer Products 1,666 2.68 0.2% Utility 5,766 4.65 0.8% REYNOLDS CONSUMER PRODUCTS LLC TL 04-FEB-2027 BIE1QUZW0 1,666 2.68 0.2% Electric 5,267 4.27 0.8% Food and Beverage 244 34.62 0.0% CALPINE CORP 5.25 01-JUN-2026 144a (SECURED) 131347CK0 1,332 4.63 0.2% PABST BREWING CO(BLUE RIBBON LLC) TL 6.26563 15-NOV-2021 BRSQAA876 244 34.62 0.0% VISTRA OPERATIONS COMPANY LLC 5.0 31-JUL-2027 144a (SENIOR UNSECURED) 92840VAF9 853 4.36 0.1% Healthcare 4,722 6.15 0.7% VISTRA OPERATIONS COMPANY LLC 5.5 01-SEP-2026 144a (SENIOR) 92840VAA0 1,584 4.35 0.2% AIR MEDICAL GROUP HOLDINGS INC TL-B 5.432 28-APR-2022 BRTFHAZF4 464 8.75 0.1% VISTRA OPERATIONS COMPANY LLC 5.625 15-FEB-2027 144a (SENIOR) 92840VAB8 1,497 3.82 0.2% ATHENAHEALTH INC TL-B 6.68104982456013 11-FEB-2026 BRTQBPMR1 1,575 6.60 0.2% Natural Gas 499 8.60 0.1% EXAMWORKS GROUP INC TL-B 5.48438 27-JUL-2023 BRT8B6006 1,398 5.52 0.2% NISOURCE INC PERP 5.65 31-DEC-2049 (SUB) 65473PAG0 499 8.60 0.1% KINDRED AT HOME TL 4.15363 02-JUL-2025 BIE1QN3B7 1,284 5.36 0.2% Financial Institutions 14,454 5.14 2.1% Pharmaceuticals 2,491 2.65 0.4% Banking 4,602 5.53 0.7% ELANCO ANIMAL HEALTH INC TL-B 2.15363 04-FEB-2027 BIE1R6Z77 2,491 2.65 0.4% CREDIT SUISSE GROUP AG AT1-P 6.25 31-DEC-2049 144a (CAPSEC (BTP)) 225436AA2 2,000 4.28 0.3% Energy 1,026 8.19 0.1% MORGAN STANLEY AT1-P 5.55 31-DEC-2049 (CAPSEC (BTP)) 617474AA9 140 4.90 0.0% Oil Field Services 85 50.00 0.0% ROYAL BANK OF SCOTLAND GROUP PLC AT1-P 8.625 31-DEC-2049 (CAPSEC (BTP)) 780097BB6 2,182 6.66 0.3% SUMMIT MIDSTREAM PARTNERS HOLDINGS TL-B 8.23438 13-MAY-2022 BRT96ZC52 85 50.00 0.0% UBS GROUP FUNDING SWITZERLAND AG AT1-P 6.875 31-DEC-2049 Reg-S (CAPSEC (BTP)) BRT0458G0 279 5.91 0.0% Midstream 941 4.41 0.1% Insurance 9,853 4.97 1.4% HERCULES MERGER SUB LLC TL 4.2005 16-OCT-2026 BIE1HL6J1 941 4.41 0.1% Health Insurance 4,988 3.07 0.7% Technology 8,360 6.89 1.2% CENTENE CORPORATION 3.375 15-FEB-2030 144a (SENIOR UNSECURED) 15135BAU5 3,378 3.20 0.5% APPLIED SYSTEMS INC TL 9.32988 19-SEP-2025 BRTCJNPC9 1,965 8.93 0.3% INFORMATICA CORP TL-B 4.70013 14-FEB-2025 BIE1RVVX9 1,010 5.26 0.1% CENTENE CORPORATION 4.625 15-DEC-2029 144a (SENIOR UNSECURED) 15135BAS0 1,610 2.78 0.2% INFORMATICA LLC TL-B 3.57963 14-FEB-2027 BIE1RVSN5 635 4.22 0.1% Property and Casualty 4,864 6.92 0.7% KRONOS INCORPORATED TL 10.50313 01-NOV-2024 BRT5S1CX0 1,304 10.48 0.2% ASSUREDPARTNERS INC 7.0 15-AUG-2025 144a (SENIOR) 04624VAA7 619 8.49 0.1% KRONOS INCORPORATED TL 5.25313 01-NOV-2023 BRTA784A6 1,641 5.12 0.2% GTCR (AP) FINANCE INC 8.0 15-MAY-2027 144a (SENIOR) 40060QAA3 19 9.13 0.0% ULTIMATE SOFTWARE GROUP INC (THE) TL-B 6.07988 15-APR-2026 BRTSAM3J4 1,172 5.24 0.2% HUB INTERNATIONAL LTD 7.0 01-MAY-2026 144a (SENIOR) 44332PAD3 1,546 7.15 0.2% VERSCEND HOLDING CORP TL-B 6.73438 27-AUG-2025 BRTKNA3H7 632 6.13 0.1% USIS MERGER SUB INC 6.875 01-MAY-2025 144a (SENIOR) 91739VAA6 2,680 6.40 0.4% Transportation 469 10.40 0.1% Bank Loans 45,220 5.70 6.6% Airlines 469 10.40 0.1% IG Rated 1,374 2.55 0.2% AMERICAN AIRLINES INC TL-B 4.19513 14-DEC-2023 BRTDLDWF1 469 10.40 0.1% Financial Institutions 1,374 2.55 0.2% Industrial Other 3,351 2.81 0.5% Brokerage/Asset Managers/Exchanges 1,374 2.55 0.2% INGERSOLL-RAND SERVICES CO TL-B 2.07963 28-FEB-2027 BIE1RJ8E4 2,246 2.94 0.3% RPI 2019 INTERMEDIATE FINANCE TRUS TL-B 2.07963 07-FEB-2027 BIE1RJFP1 1,374 2.55 0.2% RPI INTERMEDIATE FINANCE TRUST TL-B 2.07963 07-FEB-2027 BIE1RJF22 1,106 2.55 0.2%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 39 Holdings Water & Power Employees’ Retirement Plan | April 30, 2020

Market Yield to Market Underlying Description CUSIP Value (m) Worst Value % Utility 3,169 13.91 0.5% Electric 1,312 19.79 0.2% CALPINE CORPORATION TL-B5 15-JAN-2024 BIE1PH1F4 353 3.49 0.1% PANDA LIBERTY LLC TL-B2 7.9505 21-AUG-2020 BIE1PSX57 670 29.40 0.1% PANDA PATRIOT LLC TL-B2-DD 19-DEC-2020 BIE1SBJF5 289 17.41 0.0% Natural Gas 384 17.05 0.1% PANDA PATRIOT LLC TL-B1 7.2005 19-DEC-2020 BIE1QQL04 384 17.05 0.1% Utility Other 1,473 7.85 0.2% USIC HOLDINGS (US INFRASTRUCTURE) TL-B 5.23438 08-DEC-2023 BRTAY5C13 1,473 7.85 0.2% Financial Institutions 5,280 5.14 0.8% Finance Companies 473 6.00 0.1% RUSSELL INVESTMENT MANAGEMENT COMP TL-B 01-JUN-2023 BIE1SKRG4 473 6.00 0.1% Insurance 4,807 5.05 0.7% Property and Casualty 4,807 5.05 0.7% ACRISURE LLC TL-B 3.82963 31-JAN-2027 BIE1R24G0 3,366 5.12 0.5% ASSUREDPARTNERS INC TL-B 11-FEB-2027 BIE1SGU95 644 4.95 0.1% HUB INTERNATIONAL LTD TL-B 5.26666502525253 25-APR-2025 BRTGX52M6 797 4.85 0.1% US Municipals 2,330 2.76 0.3% Taxable 2,330 2.76 0.3% Other 2,330 2.76 0.3% MET GOVT NASHVILLE & DAVIDSON 4.053 01-JUL-2026 592041WJ2 2,330 2.76 0.3% Derivatives 0 0.54 0.0% Futures 0 0.54 0.0% CAN 10YR BOND JUN 20 CN 19-JUN-2020 CNM020209 0 0.57 0.0% EURO BUXL 30YR BOND JUN 20 UB 08-JUN-2020 UBM020205 0 0.22 0.0% EURO-BOBL JUN 20 OE 08-JUN-2020 OEM020206 0 -0.01 0.0% EURO-BUND JUN 20 RX 08-JUN-2020 RXM020201 0 0.45 0.0% LONG GILT JUN 20 G 26-JUN-2020 GM0202007 0 0.09 0.0% US 10YR NOTE JUN 20 TY 19-JUN-2020 TYM020207 0 0.06 0.0% US 5YR NOTE JUN 20 FV 30-JUN-2020 FVM020208 0 0.26 0.0% Other 0 0.00 0.0% BPM02020C 4,564 0.01 0.7% BPM02020T -4,564 0.01 -0.7% ECM02020C 28,478 0.01 4.2% ECM02020T -28,478 0.00 -4.2% Cash Securities 15,182 0.16 2.2% Cash & Cash Equivalents 15,182 0.16 2.2% CAD 222 0.60 0.0% FUTURES CAD MARGIN BALANCE 01-JAN-2050 MARGNCAD0 222 0.60 0.0% EUR 3,204 -0.46 0.5% EUR CASH(COMMITTED) EUR_CCASH 1,277 -0.46 0.2% FUTURES EUR MARGIN BALANCE 01-JAN-2050 MARGNEUR3 1,927 -0.46 0.3% GBP 655 0.20 0.1% FUTURES GBP MARGIN BALANCE 01-JAN-2050 MARGNGBP3 517 0.20 0.1% GBP CASH(COMMITTED) GBP_CCASH 138 0.20 0.0% USD 11,101 0.33 1.6% CASH COLLATERAL USD JPM IM FUT 31-DEC-2049 CSHJPIM07 3,280 0.33 0.5% FUTURES USD MARGIN BALANCE 01-JAN-2050 MARGNUSD1 -2,666 0.33 -0.4% USD CASH(COMMITTED) USD_CCASH 10,487 0.33 1.5%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 40 Holdings Retiree Health Benefits Fund | April 30, 2020

Market Yield to Market Market Yield to Market Underlying Description CUSIP Underlying Description CUSIP Value (m) Worst Value % Value (m) Worst Value % Total 115,054 4.22 100.0% Chile 927 6.50 0.8% Treasuries 3,067 0.20 2.7% BANCO DEL ESTADO DE CHILE 2.704 09-JAN-2025 144a (SENIOR UNSECURED) 05965MAG8 242 2.73 0.2% United States 3,067 0.20 2.7% INVERSIONES CMPC SA 3.85 13-JAN-2030 144a (SENIOR UNSECURED) 46128MAN1 196 4.24 0.2% Treasury Bonds 3,067 0.20 2.7% LATAM FINANCE LTD 7.0 01-MAR-2026 144a (SENIOR) 51818KAC4 86 27.51 0.1% TREASURY NOTE 1.625 31-DEC-2021 912828YZ7 3,067 0.20 2.7% SOCIEDAD QUIMICA Y MINERA DE CHILE 3.625 03-APR-2023 144a (SENIOR) 833636AE3 199 3.87 0.2% Government Related 7,544 0.77 6.6% VTR FINANCE BV 6.875 15-JAN-2024 144a (SECURED) 918370AB3 204 6.84 0.2% Local Authority 1,565 1.08 1.4% Colombia 1,312 5.37 1.1% BRITISH COLUMBIA (PROVINCE OF) 1.75 27-SEP-2024 (SENIOR UNSECURED) 110709AD4 596 0.95 0.5% BANCOLOMBIA SA 3.0 29-JAN-2025 (SENIOR UNSECURED) 05968LAM4 187 4.69 0.2% ONTARIO (PROVINCE OF) 2.0 02-OCT-2029 (SENIOR UNSECURED) 68323AFG4 765 1.31 0.7% BANCOLOMBIA SA T2 4.625 18-DEC-2029 (JUNIOR SUB) 05968LAL6 177 5.83 0.2% TOKYO METROPOLITAN GOVERNMENT 2.0 17-MAY-2021 144a (SENIOR) 59173LAA8 205 0.63 0.2% COLOMBIA (REPUBLIC OF) 4.5 15-MAR-2029 (SENIOR) 195325DP7 204 4.29 0.2% Owned No Guarantee ex-US 1,948 0.77 1.7% ECOPETROL SA 5.875 18-SEP-2023 (SENIOR) 279158AC3 104 4.71 0.1% BANK NEDERLANDSE GEMEENTEN 2.375 16-MAR-2026 144a (SENIOR) 62944BBG8 262 0.81 0.2% ECOPETROL SA 6.875 29-APR-2030 (SENIOR UNSECURED) 279158AN9 243 6.40 0.2% CPPIB CAPITAL INC 3.125 25-SEP-2023 144a (SENIOR) 22411VAG3 642 0.59 0.6% EMPRESAS PUBLICAS DE MEDELLIN ESP 4.25 18-JUL-2029 144a (SENIOR) 29246BAE8 192 4.96 0.2% JAPAN FIN ORG MUNICIPAL# 144A 2.125 25-OCT-2023 144a (SENIOR) 471068AJ5 263 0.83 0.2% MILLICOM INTERNATIONAL CELLULAR S. 6.625 15-OCT-2026 144a (SENIOR) 600814AP2 204 6.15 0.2% JAPAN FINANCE ORGANIZATION FOR MUN 3.0 12-MAR-2024 144a (SENIOR) 471068AP1 781 0.88 0.7% Dominican Republic 344 7.19 0.3% Supranational/Foreign Agency 4,031 0.64 3.5% DOMINICAN REPUBLIC (GOVERNMENT) 5.5 27-JAN-2025 144a (SENIOR) 25714PCV8 196 6.95 0.2% Supranational 1,012 0.36 0.9% DOMINICAN REPUBLIC (GOVERNMENT) 6.0 19-JUL-2028 144a (SENIOR) 25714PDZ8 148 7.51 0.1% EUROPEAN INVESTMENT BANK 1.375 15-SEP-2021 (SENIOR) 298785HF6 762 0.35 0.7% Ecuador 197 42.70 0.2% EUROPEAN INVESTMENT BANK 1.625 15-JUN-2021 (SENIOR) 298785HC3 250 0.38 0.2% ECUADOR (REPUBLIC OF) 7.95 20-JUN-2024 144a (SENIOR) BRSNQM086 69 46.60 0.1% Agency 3,019 0.74 2.6% ECUADOR REPUBLIC OF (GOVERNMENT) 10.75 31-JAN-2029 144a (SENIOR UNSECURED) 27927WAL6 128 40.60 0.1% Government Guaranteed 868 0.85 0.8% El Salvador 257 9.44 0.2% DEVELOPMENT BANK OF JAPAN INC GOVTGUAR 1.625 01-SEP-2021 144a (SENIOR) 25159MAR8 256 0.64 0.2% EL SALVADOR REPUBLIC OF (GOVERNMEN 7.1246 20-JAN-2050 144a (SENIOR UNSECURED) 283875BZ4 257 9.44 0.2% JAPAN BANK FOR INTERNATIONAL COOPE 3.375 31-OCT-2023 (SENIOR) 471048BU1 318 0.83 0.3% Guatemala 226 4.64 0.2% JAPAN BANK FOR INTERNATIONAL COOPE GOVTGUAR 2.875 21-JUL-2027 471048BM9 295 1.06 0.3% None 226 4.64 0.2% Government Sponsored 2,151 0.69 1.9% GUATEMALA (REPUBLIC OF) 4.875 13-FEB-2028 144a (SENIOR) 401494AF6 226 4.64 0.2% OMERS FINANCE TRUST 2.5 02-MAY-2024 144a (SENIOR UNSECURED) 682142AA2 565 0.89 0.5% Mexico 1,677 9.05 1.5% ONTARIO TEACHERS FINANCE TRUST 2.125 19-SEP-2022 144a (SENIOR) 68329AAA6 559 0.74 0.5% AEROVIAS DE MEXICO SA DE CV 7.0 05-FEB-2025 144a (SENIOR UNSECURED) 008065AD6 80 33.84 0.1% ONTARIO TEACHERS FINANCE TRUST 2.75 16-APR-2021 144a (SENIOR) 68329AAB4 1,027 0.55 0.9% BANCO MERCANTIL DE NORTE AT1-P 6.75 31-DEC-2049 144a (JUNIOR SUB) 05971PAA6 161 13.04 0.1% Emerging Markets 24,598 7.03 21.4% BANCO SANTANDER MEXICO SA INSTITUC 5.375 17-APR-2025 144a (SENIOR UNSECURED) 05969BAD5 155 4.72 0.1% Latin America 9,767 8.05 8.5% BBVA BANCOMER SA (TEXAS BRANCH) T2 6.75 30-SEP-2022 144a (SUB) 05533UAC2 170 4.89 0.1% Argentina 517 21.96 0.4% CEMEX SAB DE CV 5.45 19-NOV-2029 144a (SECURED) 151290BV4 171 8.06 0.1% AEROPUERTOS ARGENTINA 2000 SA 6.875 01-FEB-2027 144a (SECURED) 00786PAC8 85 25.96 0.1% GRUPO CEMENTOS DE CHIHUAHUA SAB DE 5.25 23-JUN-2024 144a (SENIOR) 40053DAB9 190 7.16 0.2% ARGENTINA REPUBLIC OF GOVERNMENT 6.875 11-JAN-2048 (SENIOR) 040114HR4 50 29.08 0.0% INFRAESTRUCTURA ENERGETICA NOVA SA 4.875 14-JAN-2048 144a (SENIOR) 456829AB6 184 6.07 0.2% ARGENTINA REPUBLIC OF GOVERNMENT 7.125 06-JUL-2036 (SENIOR) 040114HG8 56 30.02 0.0% MINERA MEXICO SA DE CV 4.5 26-JAN-2050 144a (SENIOR UNSECURED) 60284MAB8 176 5.39 0.2% TECPETROL SA 4.875 12-DEC-2022 144a (SENIOR) 87876TAE4 174 14.85 0.2% PETROLEOS MEXICANOS 6.5 13-MAR-2027 (SENIOR) 71654QCG5 186 10.30 0.2% YPF SA 6.95 21-JUL-2027 144a (SENIOR) 984245AQ3 94 22.72 0.1% PETROLEOS MEXICANOS 6.5 23-JAN-2029 (SENIOR) 71654QCP5 120 10.32 0.1% YPF SA 8.5 27-JUN-2029 144a (SENIOR UNSECURED) 984245AS9 58 22.20 0.1% PETROLEOS MEXICANOS 6.75 21-SEP-2047 (SENIOR) 71654QCC4 85 9.93 0.1% Brazil 2,427 6.41 2.1% Paraguay 834 5.38 0.7% AEGEA FIN SARL 5.75 10-OCT-2024 144a (SENIOR) 00775CAA4 197 6.20 0.2% BIOCEANICO SOVEREIGN CTF LTD 05-JUN-2034 144a (SECURED) 09076AAA5 96 5.94 0.1% BRAZIL FEDERATIVE REPUBLIC OF (GOV 4.625 13-JAN-2028 (SENIOR) 105756BZ2 210 4.03 0.2% PARAGUAY REPUBLIC OF (GOVERNMENT) 4.95 28-APR-2031 144a (SENIOR UNSECURED) 699149AJ9 207 4.48 0.2% BRAZIL FEDERATIVE REPUBLIC OF (GOV 4.75 14-JAN-2050 (SENIOR UNSECURED) 105756CB4 184 5.40 0.2% PARAGUAY REPUBLIC OF (GOVERNMENT) 5.4 30-MAR-2050 144a (SENIOR) 699149AH3 210 5.10 0.2% CSN RESOURCES SA 7.625 13-FEB-2023 144a (SENIOR) 12644VAB4 161 17.43 0.1% RUTAS 2 AND 7 FINANCE LIMITED 30-SEP-2036 144a (1ST LIEN) 78319MAA1 124 5.58 0.1% ITAU UNIBANCO HOLDING SA 3.25 24-JAN-2025 144a (SENIOR UNSECURED) 46556JAB5 236 3.86 0.2% TELEFONICA CELULAR DEL PARAGUAY SA 5.875 15-APR-2027 144a (SENIOR) 87936VAB3 196 6.23 0.2% JBS INVESTMENTS II GMBH 5.75 15-JAN-2028 144a (SENIOR) 46650CAB5 239 6.08 0.2% Puerto Rico 249 7.15 0.2% JBS USA LLC 5.75 15-JUN-2025 144a (SENIOR) 466112AR0 42 5.13 0.0% POPULAR INC 6.125 14-SEP-2023 (SENIOR) 733174AK2 249 7.15 0.2% JBS USA LUX SA 6.5 15-APR-2029 144a (SENIOR) 46590XAA4 159 5.50 0.1% Peru 800 3.57 0.7% JBS USA LUX SA/JBS USA FINANCE INC 6.75 15-FEB-2028 144a (SENIOR) 472141AA8 208 4.85 0.2% BANCO DE CREDITO DEL PERU 2.7 11-JAN-2025 144a (SENIOR UNSECURED) 05971U2A4 104 3.20 0.1% KLABIN AUSTRIA GMBH 7.0 03-APR-2049 144a (SENIOR) 49836AAB0 196 7.21 0.2% CERRO DEL AGUILA SA 4.125 16-AUG-2027 144a (SENIOR) 156830AA9 287 4.40 0.2% PETROBRAS GLOBAL FINANCE BV 5.093 15-JAN-2030 144a (SENIOR UNSECURED) 71647NBF5 346 6.28 0.3% LIMA METRO LINE 2 FINANCE II LTD 4.35 05-APR-2036 144a (SENIOR UNSECURED) 532522AB5 205 4.08 0.2% REDE DOR FINANCE SARL 4.5 22-JAN-2030 144a (SENIOR UNSECURED) 75735GAA6 250 6.60 0.2% PERU (REPUBLIC OF) 2.392 23-JAN-2026 (SENIOR UNSECURED) 715638DE9 203 2.07 0.2%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 41 Holdings Retiree Health Benefits Fund | April 30, 2020

Market Yield to Market Underlying Description CUSIP Market Yield to Market Value (m) Worst Value % CUSIP Underlying Description Value (m) Worst Value % Central/Eastern Europe, Middle East and Africa 9,895 6.61 8.6% Lithuania 113 25.68 0.1% Middle East and Africa 5,107 6.30 4.4% ASG FINANCE DESIGNATED 7.875 03-DEC-2024 144a (SENIOR UNSECURED) 00217AAA4 113 25.68 0.1% Angola 95 24.25 0.1% Russian Federation 1,105 3.30 1.0% ANGOLA (REPUBLIC OF) 8.25 09-MAY-2028 144a (SENIOR) 035198AB6 95 24.25 0.1% GAZ CAPITAL SA LPN 4.95 19-JUL-2022 144a (SENIOR) 368266AR3 222 2.90 0.2% Bahrain 204 8.06 0.2% GAZ FINANCE PLC LPN 3.25 25-FEB-2030 144a (SENIOR UNSECURED) BIE1S49M7 190 3.93 0.2% OIL AND GAS HOLDING CO BSC CLOSED 7.625 07-NOV-2024 144a (SENIOR) 67778M2C3 204 8.06 0.2% RUSSIAN FEDERATION 4.75 27-MAY-2026 144a (SENIOR UNSECURED) BRT1ZV2X6 226 2.75 0.2% Cote DIvoire 178 7.86 0.2% RUSSIAN FEDERATION 5.25 23-JUN-2047 144a (SENIOR) BIE1NFM42 252 3.82 0.2% COTE D IVOIRE (REPUBLIC OF) 6.125 15-JUN-2033 144a (SENIOR) 221625AN6 178 7.86 0.2% VEON HOLDINGS BV 4.0 09-APR-2025 144a (SENIOR UNSECURED) 92334VAA3 214 3.14 0.2% Egypt 462 7.61 0.4% Ukraine 877 9.51 0.8% EGYPT (ARAB REPUBLIC OF) 5.577 21-FEB-2023 144a (SENIOR) 03846JW30 197 6.60 0.2% EGYPT (ARAB REPUBLIC OF) 7.6003 01-MAR-2029 144a (SENIOR) 03846JW71 265 8.37 0.2% KERNEL HOLDING SA 6.5 17-OCT-2024 144a (SENIOR UNSECURED) 49229QAB0 172 10.64 0.1% Gabon 146 11.62 0.1% MHP SA 7.75 10-MAY-2024 144a (SENIOR) 55302TAD7 203 8.35 0.2% GABON REPUBLIC OF (GOVERNMENT) 6.625 06-FEB-2031 144a (SENIOR UNSECURED) 362420AD3 146 11.62 0.1% UKRAINE (GOVERNMENT OF) 7.75 01-SEP-2026 144a (SENIOR) 903724AT9 296 9.28 0.3% Ghana 188 12.75 0.2% UKRAINE REPUBLIC OF (GOVERNMENT) 9.75 01-NOV-2028 144a (SENIOR) 903724BV3 206 10.05 0.2% GHANA (REPUBLIC OF) 7.875 26-MAR-2027 144a (SENIOR) 37443GAA9 188 12.75 0.2% Turkey 1,892 7.20 1.6% Israel 224 2.70 0.2% AKBANK TAS T2 7.2 16-MAR-2027 144a (SUB) 00972BAB5 185 7.56 0.2% ISRAEL ELECTRIC CORP LTD 5.0 12-NOV-2024 Dual 144a|Reg-S (SECURED) 465077AK1 224 2.70 0.2% PETKIM PETROKIMYA HOLDING AS 5.875 26-JAN-2023 144a (SENIOR) 71638YAA4 193 7.92 0.2% Lebanon 40 0.0% TURK TELEKOMUNIKASYON AS 6.875 28-FEB-2025 144a (SENIOR) 90011QAC4 202 6.86 0.2% LEBANON (REPUBLIC OF) 6.25 27-MAY-2022 (SENIOR) BRT1VBBF3 40 0.0% TURKCELL ILETISIM HIZMETLERI AS 5.8 11-APR-2028 144a (SENIOR) 900111AB1 189 6.75 0.2% Kenya 189 9.31 0.2% TURKEY (REPUBLIC OF) 5.75 11-MAY-2047 (SENIOR) 900123CM0 289 7.88 0.3% KENYA (REPUBLIC OF) 8.0 22-MAY-2032 144a (SENIOR UNSECURED) 491798AK0 189 9.31 0.2% TURKEY (REPUBLIC OF) 6.125 24-OCT-2028 (SENIOR) 900123CQ1 183 7.53 0.2% Kuwait 257 2.83 0.2% TURKEY (REPUBLIC OF) 7.25 23-DEC-2023 (SENIOR) 900123CR9 208 6.72 0.2% EQUATE PETROCHEMICAL BV 3.0 03-MAR-2022 144a (SENIOR) 29441WAB1 257 2.83 0.2% TURKEY (REPUBLIC OF) 7.625 26-APR-2029 (SENIOR) 900123CT5 198 7.79 0.2% Morocco 208 3.60 0.2% TURKIYE GARANTI BANKASI AS 5.25 13-SEP-2022 144a (SENIOR) 900148AD9 244 5.83 0.2% OCP SA 4.5 22-OCT-2025 144a (SENIOR) 67091TAC9 208 3.60 0.2% Romania 218 4.74 0.2% Nigeria 170 11.24 0.1% ROMANIA (REPUBLIC OF) 6.125 22-JAN-2044 144a (SENIOR) 77586RAC4 218 4.74 0.2% NIGERIA (FEDERAL REPUBLIC OF) 6.5 28-NOV-2027 144a (SENIOR) 65412JAC7 170 11.24 0.1% Asia 4,936 5.85 4.3% Qatar 426 1.79 0.4% Azerbaijan 211 5.91 0.2% QATAR (STATE OF) 3.4 16-APR-2025 144a (SENIOR UNSECURED) 74727PBC4 213 2.00 0.2% SOUTHERN GAS CORRIDOR CJSC 6.875 24-MAR-2026 144a (SENIOR) 84302LAA0 211 5.91 0.2% QATAR STATE OF (GOVERNMENT) 4.5 20-JAN-2022 144a (SENIOR) 74727PAP6 212 1.58 0.2% China 1,326 2.84 1.2% Saudi Arabia 709 4.73 0.6% BAIDU INC 3.875 29-SEP-2023 (SENIOR) 056752AK4 210 2.47 0.2% ARABIAN CENTRES SUKUK LIMITED 5.375 26-NOV-2024 144a (Sukuk) 03847PAA3 180 8.75 0.2% BANK OF CHINA LTD 5.0 13-NOV-2024 144a (SUB) 061202AA5 223 2.84 0.2% SAUDI ARABIA (KINGDOM OF) 4.375 16-APR-2029 144a (SENIOR) 80413TAK5 302 2.89 0.3% JD.COM INC 3.125 29-APR-2021 (SENIOR) 47215PAB2 257 2.41 0.2% SAUDI ARABIAN OIL CO 4.25 16-APR-2039 144a (SENIOR) 80414L2E4 227 4.01 0.2% SINOPEC GROUP OVERSEAS DEVELOPMENT 2.5 08-AUG-2024 144a (SENIOR UNSECURED) 82939GAF5 204 2.10 0.2% South Africa 593 6.10 0.5% SYNGENTA FINANCE NV 3.933 23-APR-2021 144a (SENIOR) 87164KAE4 222 5.25 0.2% GOLD FIELDS OROGEN HOLDINGS (BVI) 6.125 15-MAY-2029 144a (SENIOR) 38060AAC8 218 5.27 0.2% TENCENT HOLDINGS LTD 3.28 11-APR-2024 144a (SENIOR) 88032WAL0 210 1.93 0.2% SOUTH AFRICA (REPUBLIC OF) 4.875 14-APR-2026 (SENIOR) 836205AT1 187 6.23 0.2% India 589 14.59 0.5% SOUTH AFRICA (REPUBLIC OF) 5.875 22-JUN-2030 (SENIOR) 836205AY0 189 6.95 0.2% FUTURE RETAIL LTD 5.6 22-JAN-2025 144a (SECURED) 36118EAA0 71 42.34 0.1% Senegal 169 8.27 0.1% GREENKO SOLAR MAURITIUS LTD 5.95 29-JUL-2026 144a (SECURED) 39530VAB4 242 8.45 0.2% SENEGAL (REPUBLIC OF) 6.75 13-MAR-2048 144a (SENIOR) 81720TAD7 169 8.27 0.1% ICICI BANK LTD (DUBAI BRANCH) 4.0 18-MAR-2026 144a (SENIOR) 45112EAG4 193 4.79 0.2% United Arab Emirates 417 2.33 0.4% VEDANTA RESOURCES FINANCE II PLC 9.25 23-APR-2026 144a (SENIOR) 92243XAA9 83 31.60 0.1% ABU DHABI (EMIRATE OF) 2.5 11-OCT-2022 144a (SENIOR) 29135LAC4 205 1.56 0.2% Indonesia 453 4.15 0.4% ABU DHABI CRUDE OIL PIPELINE LLC 3.65 02-NOV-2029 144a (SECURED) 00401MAA4 212 3.07 0.2% PERTAMINA PERSERO PT 3.65 30-JUL-2029 144a (SENIOR UNSECURED) 69370PAD3 194 4.18 0.2% Zambia 179 10.48 0.2% PERUSAHAAN LISTRIK NEGARA (PERSERO 4.125 15-MAY-2027 144a (SENIOR) 71568PAC3 260 4.13 0.2% FIRST QUANTUM MINERALS LTD 7.5 01-APR-2025 144a (SENIOR) 335934AL9 179 10.48 0.2% Malaysia 389 4.41 0.3% Other 254 5.84 0.2% PETRONAS CAPITAL LTD 3.5 21-APR-2030 144a (SENIOR UNSECURED) 716743AP4 210 2.92 0.2% BANQUE OUEST AFRICAINE DE DEVELOPP 4.7 22-OCT-2031 144a (SENIOR) 06675QAC7 254 5.84 0.2% RESORTS WORLD LAS VEGAS LLC 4.625 16-APR-2029 144a (SENIOR) 76120HAA5 180 6.15 0.2% Central/Eastern Europe 4,788 6.93 4.2% Macau 194 6.08 0.2% Belarus 183 7.60 0.2% WYNN MACAU LTD 5.5 01-OCT-2027 144a (SENIOR) 98313RAD8 194 6.08 0.2% BELARUS (REPUBLIC OF) 6.2 28-FEB-2030 144a (SENIOR) 07737JAC7 183 7.60 0.2% Mongolia 359 10.75 0.3% Kazakhstan 400 5.63 0.3% DEVELOPMENT BANK OF MONGOLIA 7.25 23-OCT-2023 144a (UNSECURED) 25161AAA7 175 11.82 0.2% None 400 5.63 0.3% MONGOLIA (GOVERNMENT OF) 5.625 01-MAY-2023 144a (SENIOR) 60937LAB1 185 9.74 0.2% KAZTRANSGAZ AO 4.375 26-SEP-2027 144a (SENIOR) 48668NAA9 191 5.16 0.2% Philippines 235 2.20 0.2% NK KAZMUNAYGAZ AO 6.375 24-OCT-2048 144a (SENIOR) 48667QAS4 209 6.06 0.2% PHILIPPINES (REPUBLIC OF) 2.457 05-MAY-2030 (SENIOR UNSECURED) 718286CJ4 235 2.20 0.2%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 42 Holdings Retiree Health Benefits Fund | April 30, 2020

Market Yield to Market Market Yield to Market Underlying Description CUSIP Underlying Description CUSIP Value (m) Worst Value % Value (m) Worst Value % Singapore 225 2.41 0.2% OTIS WORLDWIDE CORPORATION 2.565 15-FEB-2030 144a (SENIOR UNSECURED) 68902VAF4 334 2.47 0.3% DBS GROUP HOLDINGS LTD LT2 4.52 11-DEC-2028 144a (SUB) 24023MAA2 225 2.41 0.2% OTIS WORLDWIDE CORPORATION 3.362 15-FEB-2050 144a (SENIOR UNSECURED) 68902VAB3 51 3.24 0.0% South Korea 208 1.63 0.2% PARKER HANNIFIN CORPORATION 3.25 14-JUN-2029 (SENIOR UNSECURED) 701094AN4 134 2.50 0.1% KOOKMIN BANK 2.875 25-MAR-2023 144a (SENIOR) 50050GAK4 208 1.63 0.2% PARKER HANNIFIN CORPORATION 4.0 14-JUN-2049 (SENIOR UNSECURED) 701094AP9 68 3.37 0.1% Sri Lanka 115 16.54 0.1% ROPER TECHNOLOGIES INC 2.35 15-SEP-2024 (SENIOR) 776743AH9 66 1.97 0.1% SRI LANKA (DEMOCRATIC SOCIALIST RE 6.75 18-APR-2028 144a (SENIOR) 85227SAW6 115 16.54 0.1% ROPER TECHNOLOGIES INC 2.95 15-SEP-2029 (SENIOR UNSECURED) 776743AG1 79 2.37 0.1% Thailand 180 4.29 0.2% Environmental 898 1.68 0.8% BANGKOK BANK PUBLIC CO LTD (HONG K T2 3.733 25-SEP-2034 144a (SUB) 059895AT9 180 4.29 0.2% Uzbekistan 205 5.13 0.2% WASTE CONNECTIONS INC 2.6 01-FEB-2030 (SENIOR UNSECURED) 94106BAA9 267 2.35 0.2% UZBEKISTAN (REPUBLIC OF) 5.375 20-FEB-2029 144a (SENIOR UNSECURED) 91822Q2A4 205 5.13 0.2% WASTE MANAGEMENT INC 2.95 15-JUN-2024 (SENIOR UNSECURED) 94106LBF5 469 1.24 0.4% Vietnam 245 6.00 0.2% WASTE MANAGEMENT INC 3.45 15-JUN-2029 (SENIOR UNSECURED) 94106LBG3 156 1.79 0.1% MONG DUONG FIN HLDGS BV 5.125 07-MAY-2029 144a (1ST LIEN) 60935DAA3 245 6.00 0.2% WASTE MANAGEMENT INC 4.15 15-JUL-2049 (SENIOR UNSECURED) 94106LBK4 5 2.77 0.0% Public Corporates 71,378 3.63 62.0% Communications 6,181 2.48 5.4% Investment Grade 53,523 2.65 46.5% Cable and Satellite 1,710 2.59 1.5% Industrial 30,238 2.63 26.3% CHARTER COMMUNICATIONS OPERATING L 2.8 01-APR-2031 (SECURED) 161175BU7 50 2.71 0.0% Basic Industry 1,994 2.78 1.7% CHARTER COMMUNICATIONS OPERATING L 3.7 01-APR-2051 (SECURED) 161175BV5 88 3.83 0.1% Chemicals 695 2.02 0.6% CHARTER COMMUNICATIONS OPERATING L 4.8 01-MAR-2050 (SECURED) 161175BT0 86 4.02 0.1% AIR PRODUCTS AND CHEMICALS INC 1.5 15-OCT-2025 (SENIOR UNSECURED) 009158BB1 20 1.33 0.0% CHARTER COMMUNICATIONS OPERATING L 4.908 23-JUL-2025 (SECURED) 161175AY0 240 2.17 0.2% AIR PRODUCTS AND CHEMICALS INC 1.85 15-MAY-2027 (SENIOR UNSECURED) 009158AY2 25 1.65 0.0% COMCAST CORPORATION 3.2 15-JUL-2036 (SENIOR) 20030NBT7 82 2.55 0.1% AIR PRODUCTS AND CHEMICALS INC 2.05 15-MAY-2030 (SENIOR UNSECURED) 009158BC9 46 -5.00 0.0% COMCAST CORPORATION 3.7 15-APR-2024 (SENIOR) 20030NCR0 554 1.19 0.5% AIR PRODUCTS AND CHEMICALS INC 2.8 15-MAY-2050 (SENIOR UNSECURED) 009158BA3 36 2.71 0.0% COMCAST CORPORATION 3.75 01-APR-2040 (SENIOR UNSECURED) 20030NDH1 139 2.73 0.1% CHEVRON PHILLIPS CHEMICAL COMPANY 5.125 01-APR-2025 144a (SENIOR UNSECURED) 166754AW1 191 3.11 0.2% TIME WARNER CABLE INC 7.3 01-JUL-2038 (SENIOR) 88732JAN8 296 4.65 0.3% DOW CHEMICAL COMPANY (THE) 3.5 01-OCT-2024 (SENIOR) 260543CJ0 310 2.25 0.3% TIME WARNER ENTERTAINMENT CMPNY LP 8.375 15-MAR-2023 (SENIOR) 88731EAF7 175 2.63 0.2% LYB INTERNATIONAL FINANCE III LLC 2.875 01-MAY-2025 (SENIOR UNSECURED) 50249AAB9 66 2.63 0.1% Media and Entertainment 964 3.44 0.8% Metals and Mining 1,009 3.50 0.9% DISCOVERY COMMUNICATIONS 4.125 15-MAY-2029 (SENIOR UNSECURED) 25470DBF5 344 3.39 0.3% BHP BILLITON FINANCE (USA) LTD HYBRID 6.25 19-OCT-2075 144a (CAPSEC (BTP)) 055451AW8 608 3.70 0.5% DISCOVERY COMMUNICATIONS LLC 5.2 20-SEP-2047 (SENIOR) 25470DAT6 143 4.34 0.1% NEWMONT CORPORATION 2.25 01-OCT-2030 (SENIOR UNSECURED) 651639AY2 65 2.34 0.1% FOX CORP 4.709 25-JAN-2029 (SENIOR UNSECURED) 35137LAH8 70 2.57 0.1% NEWMONT GOLDCORP CORP 2.8 01-OCT-2029 (SENIOR UNSECURED) 651639AX4 166 2.41 0.1% VIACOM INC (NEW) 4.375 15-MAR-2043 (SENIOR) 92553PAP7 166 4.60 0.1% STEEL DYNAMICS INC 5.0 15-DEC-2026 (SENIOR) 858119BF6 104 4.31 0.1% STEEL DYNAMICS INC 5.5 01-OCT-2024 (SENIOR) 858119BD1 67 4.21 0.1% VIACOMCBS INC 4.95 15-JAN-2031 (SENIOR UNSECURED) 92556HAB3 75 4.18 0.1% Paper 290 2.09 0.3% WALT DISNEY CO 1.75 30-AUG-2024 (SENIOR UNSECURED) 254687FK7 82 1.33 0.1% GEORGIA-PACIFIC LLC 1.75 30-SEP-2025 144a (SENIOR UNSECURED) 37331NAJ0 80 1.70 0.1% WALT DISNEY CO 2.0 01-SEP-2029 (SENIOR UNSECURED) 254687FL5 85 2.01 0.1% GEORGIA-PACIFIC LLC 2.1 30-APR-2027 144a (SENIOR UNSECURED) 37331NAL5 65 2.10 0.1% Wireless 1,485 2.44 1.3% GEORGIA-PACIFIC LLC 2.3 30-APR-2030 144a (SENIOR UNSECURED) 37331NAK7 145 2.30 0.1% CROWN CASTLE INTERNATIONAL CORP 5.25 15-JAN-2023 (SENIOR) 228227BD5 611 1.65 0.5% Capital Goods 4,149 2.22 3.6% SPRINT SPECTRUM CO I/ II /III/ LLC ABS 4.738 20-SEP-2029 144a (SECURED) 85208NAD2 309 2.81 0.3% Aerospace and Defense 1,261 1.73 1.1% T-MOBILE USA INC 3.5 15-APR-2025 144a (SECURED) 87264ABA2 85 2.31 0.1% GENERAL DYNAMICS CORPORATION 3.0 11-MAY-2021 (SENIOR) 369550BE7 47 1.00 0.0% T-MOBILE USA INC 3.875 15-APR-2030 144a (SECURED) 87264ABE4 198 2.71 0.2% GENERAL DYNAMICS CORPORATION 3.375 15-MAY-2023 (SENIOR) 369550BD9 461 1.00 0.4% T-MOBILE USA INC 4.375 15-APR-2040 144a (SECURED) 87264AAW5 68 3.42 0.1% L3HARRIS TECHNOLOGIES INC 2.9 15-DEC-2029 (SENIOR UNSECURED) 502431AF6 67 2.60 0.1% T-MOBILE USA INC 4.5 15-APR-2050 144a (SECURED) 87264AAY1 94 3.56 0.1% L3HARRIS TECHNOLOGIES INC 3.85 15-JUN-2023 144a (SENIOR) 502431AB5 686 2.18 0.6% VODAFONE GROUP PLC 4.25 17-SEP-2050 (SENIOR UNSECURED) 92857WBU3 72 3.67 0.1% Building Materials 328 1.93 0.3% VODAFONE GROUP PLC 4.875 19-JUN-2049 (SENIOR) 92857WBS8 49 3.75 0.0% HOLCIM FINANCE (LUXEMBOURG) SA 1.75 29-AUG-2029 Reg-S (SENIOR) BRTC88B62 328 1.93 0.3% Wirelines 2,022 1.96 1.8% Construction Machinery 552 3.28 0.5% AT&T INC 3.375 15-MAR-2034 (SENIOR) BRSNK5FA8 400 1.63 0.3% ASHTEAD CAPITAL INC 5.25 01-AUG-2026 144a (SECURED) 045054AH6 204 5.12 0.2% AT&T INC 4.35 01-MAR-2029 (SENIOR) 00206RHJ4 36 2.70 0.0% CATERPILLAR INC 2.6 09-APR-2030 (SENIOR UNSECURED) 149123CH2 234 1.91 0.2% CATERPILLAR INC 3.25 09-APR-2050 (SENIOR UNSECURED) 149123CJ8 115 2.80 0.1% AT&T INC 4.5 09-MAR-2048 (SENIOR) 00206RDJ8 40 3.69 0.0% Diversified Manufacturing 1,111 2.78 1.0% AT&T INC 4.9 15-AUG-2037 (SENIOR) 00206RFW7 70 3.63 0.1% GENERAL ELECTRIC CO 3.45 01-MAY-2027 (SENIOR UNSECURED) 369604BV4 71 3.15 0.1% DEUTSCHE TELEKOM AG 3.125 06-FEB-2034 Reg-S (SENIOR) BIE10FUK2 262 2.04 0.2% GENERAL ELECTRIC CO 3.625 01-MAY-2030 (SENIOR UNSECURED) 369604BW2 55 3.56 0.0% DEUTSCHE TELEKOM INTERNATIONAL FIN 1.5 03-APR-2028 Reg-S (SENIOR) BRT0450B9 351 0.65 0.3% GENERAL ELECTRIC CO 4.35 01-MAY-2050 (SENIOR UNSECURED) 369604BY8 96 4.31 0.1% VERIZON COMMUNICATIONS INC 3.15 22-MAR-2030 (SENIOR UNSECURED) 92343VFE9 45 1.90 0.0% OTIS WORLDWIDE CORP 3.112 15-FEB-2040 144a (SENIOR UNSECURED) 68902VAA5 79 3.19 0.1% VERIZON COMMUNICATIONS INC 4.0 22-MAR-2050 (SENIOR UNSECURED) 92343VFD1 38 2.73 0.0% OTIS WORLDWIDE CORPORATION 2.056 05-APR-2025 144a (SENIOR UNSECURED) 68902VAD9 77 1.66 0.1% VERIZON COMMUNICATIONS INC 4.5 10-AUG-2033 (SENIOR) 92343VEA8 781 2.38 0.7%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 43 Holdings Retiree Health Benefits Fund | April 30, 2020

Market Yield to Market Market Yield to Market Underlying Description CUSIP CUSIP Value (m) Worst Value % Underlying Description Value (m) Worst Value % Consumer Cyclical 2,429 2.45 2.1% Energy 3,498 4.77 3.0% Automotive 1,142 2.33 1.0% Independent 837 7.29 0.7% GENERAL MOTORS FINANCIAL CO INC 4.35 09-APR-2025 (SENIOR) 37045XCK0 277 5.44 0.2% MARATHON OIL CORP 2.8 01-NOV-2022 (SENIOR) 565849AK2 263 5.31 0.2% TOYOTA MOTOR CREDIT CORP 2.8 13-JUL-2022 (SENIOR) 89236TCQ6 533 1.15 0.5% MARATHON OIL CORP 4.4 15-JUL-2027 (SENIOR) 565849AP1 150 8.62 0.1% VOLKSWAGEN LEASING GMBH 1.625 15-AUG-2025 Reg-S (SENIOR) BIE0MB5T8 333 1.64 0.3% NEWFIELD EXPLORATION COMPANY 5.375 01-JAN-2026 (SENIOR) 651290AR9 89 13.28 0.1% Retailers 1,198 2.59 1.0% NOBLE ENERGY INC 3.25 15-OCT-2029 (SENIOR UNSECURED) 655044AQ8 62 7.17 0.1% COSTCO WHOLESALE CORPORATION 1.6 20-APR-2030 (SENIOR UNSECURED) 22160KAP0 114 1.71 0.1% NOBLE ENERGY INC 3.9 15-NOV-2024 (SENIOR) 655044AH8 229 6.54 0.2% COSTCO WHOLESALE CORPORATION 1.75 20-APR-2032 (SENIOR UNSECURED) 22160KAQ8 50 1.78 0.0% NOBLE ENERGY INC 4.2 15-OCT-2049 (SENIOR UNSECURED) 655044AR6 45 6.66 0.0% DOLLAR TREE INC 3.7 15-MAY-2023 (SENIOR) 256746AF5 240 2.00 0.2% Integrated 588 1.60 0.5% HOME DEPOT INC 2.7 15-APR-2030 (SENIOR UNSECURED) 437076CB6 70 1.93 0.1% BP CAPITAL MARKETS PLC 1.077 26-JUN-2025 Reg-S (SENIOR) BRTB456R4 330 1.21 0.3% HOME DEPOT INC 3.35 15-APR-2050 (SENIOR UNSECURED) 437076CD2 67 2.82 0.1% EXXON MOBIL CORP 2.019 16-AUG-2024 (SENIOR UNSECURED) 30231GBC5 98 1.28 0.1% LOWES COMPANIES INC 4.55 05-APR-2049 (SENIOR) 548661DS3 267 3.37 0.2% EXXON MOBIL CORP 2.275 16-AUG-2026 (SENIOR) 30231GBD3 42 1.63 0.0% LOWES COMPANIES INC 5.125 15-APR-2050 (SENIOR UNSECURED) 548661DW4 144 3.46 0.1% EXXON MOBIL CORP 3.095 16-AUG-2049 (SENIOR UNSECURED) 30231GAZ5 118 2.97 0.1% TJX COMPANIES INC 3.875 15-APR-2030 (SENIOR UNSECURED) 872540AT6 95 2.51 0.1% Oil Field Services 212 4.49 0.2% TJX COMPANIES INC 4.5 15-APR-2050 (SENIOR UNSECURED) 872540AU3 56 3.28 0.0% VF CORPORATION 2.4 23-APR-2025 (SENIOR UNSECURED) 918204BA5 97 2.06 0.1% SCHLUMBERGER HOLDINGS CORP 4.3 01-MAY-2029 144a (SENIOR) 806851AH4 212 4.49 0.2% Consumer Cyclical Services 88 1.96 0.1% Midstream 1,860 4.67 1.6% MASTERCARD INC 3.3 26-MAR-2027 (SENIOR UNSECURED) 57636QAR5 50 1.49 0.0% CHENIERE CORPUS CHRISTI HOLDINGS L 7.0 30-JUN-2024 (SECURED) 16412XAD7 219 4.89 0.2% MASTERCARD INC 3.85 26-MAR-2050 (SENIOR UNSECURED) 57636QAQ7 38 2.60 0.0% ENBRIDGE ENERGY PARTNERS LP 5.5 15-SEP-2040 (SENIOR) 29250RAT3 37 5.09 0.0% Consumer Non-Cyclical 6,313 1.77 5.5% ENERGY TRANSFER OPERATING LP 5.25 15-APR-2029 (SENIOR) 29278NAG8 245 4.96 0.2% Food and Beverage 1,080 1.75 0.9% ENERGY TRANSFER OPERATING LP 6.25 15-APR-2049 (SENIOR) 29279FAA7 60 6.26 0.1% ANHEUSER BUSCH INBEV NV 1.15 22-JAN-2027 Reg-S (SENIOR) BRTER53E5 338 0.78 0.3% ENTERPRISE PRODUCTS OPERATING LLC 4.2 31-JAN-2050 (SENIOR UNSECURED) 29379VBW2 76 4.21 0.1% ANHEUSER-BUSCH COMPANIES LLC 3.65 01-FEB-2026 (SENIOR UNSECURED) 03522AAG5 143 1.89 0.1% MPLX LP 4.125 01-MAR-2027 (SENIOR) 55336VAK6 180 4.69 0.2% ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.15 23-JAN-2025 (SENIOR) 03523TBX5 135 1.56 0.1% ONEOK INC 7.5 01-SEP-2023 (SENIOR) 682680AR4 403 4.79 0.4% BUNGE LIMITED FINANCE CORPORATION 4.35 15-MAR-2024 (SENIOR) 120568BA7 100 3.12 0.1% SABINE PASS LIQUEFACTION LLC 5.75 15-MAY-2024 (SECURED) 785592AJ5 430 4.32 0.4% COCA-COLA CO 1.45 01-JUN-2027 (SENIOR UNSECURED) 191216CU2 40 1.48 0.0% TENNESSEE GAS PIPELINE COMPANY LLC 2.9 01-MAR-2030 144a (SENIOR UNSECURED) 880451AZ2 134 3.45 0.1% COCA-COLA CO 2.5 01-JUN-2040 (SENIOR UNSECURED) 191216CW8 45 2.52 0.0% TRANSCANADA TRUST 5.5 15-SEP-2079 (JUNIOR SUB) 89356BAE8 76 5.50 0.1% MARS INCORPORATED 3.95 01-APR-2049 144a (SENIOR) 571676AF2 185 2.78 0.2% Technology 3,535 1.99 3.1% MONDELEZ INTERNATIONAL INC 1.5 04-MAY-2025 (SENIOR UNSECURED) 609207AU9 94 1.61 0.1% ANALOG DEVICES INC 2.95 12-JAN-2021 (SENIOR) 032654AR6 31 1.06 0.0% Healthcare 3,083 1.64 2.7% APPLE INC 2.05 11-SEP-2026 (SENIOR UNSECURED) 037833DN7 111 1.17 0.1% ABBOTT IRELAND FINANCING DAC 1.5 27-SEP-2026 Reg-S (SENIOR) BIE0PA237 470 0.45 0.4% BROADCOM INC 4.7 15-APR-2025 144a (SENIOR UNSECURED) 11135FAF8 50 2.43 0.0% ALCON FINANCE CORP 3.0 23-SEP-2029 144a (SENIOR UNSECURED) 01400EAB9 209 2.47 0.2% BROADCOM INC 5.0 15-APR-2030 144a (SENIOR UNSECURED) 11135FAH4 79 3.51 0.1% BECTON DICKINSON AND COMPANY 1.401 24-MAY-2023 (SENIOR) 075887CH0 447 1.18 0.4% FIDELITY NATIONAL INFORMATION SERV 1.5 21-MAY-2027 (SENIOR) BIE17MTW6 460 0.96 0.4% CIGNA CORP 2.10888 15-JUL-2023 (SENIOR) 125523AC4 471 2.50 0.4% FISERV INC 3.5 01-JUL-2029 (SENIOR) 337738AU2 372 2.28 0.3% CIGNA CORP 2.4 15-MAR-2030 (SENIOR UNSECURED) 125523CL2 61 2.29 0.1% GLOBAL PAYMENTS INC 2.65 15-FEB-2025 (SENIOR UNSECURED) 37940XAA0 140 1.99 0.1% CIGNA CORP 3.2 15-MAR-2040 (SENIOR UNSECURED) 125523CJ7 62 2.99 0.1% GLOBAL PAYMENTS INC 3.2 15-AUG-2029 (SENIOR UNSECURED) 37940XAB8 171 2.80 0.1% CIGNA CORP 4.125 15-NOV-2025 (SENIOR UNSECURED) 125523AG5 317 1.72 0.3% INTERNATIONAL BUSINESS MACHINES CO 1.95 15-MAY-2030 (SENIOR UNSECURED) 459200KJ9 100 1.99 0.1% CVS HEALTH CORP 3.7 09-MAR-2023 (SENIOR) 126650CV0 891 1.43 0.8% INTERNATIONAL BUSINESS MACHINES CO 3.0 15-MAY-2024 (SENIOR UNSECURED) 459200JY8 353 1.16 0.3% CVS HEALTH CORP 3.75 01-APR-2030 (SENIOR UNSECURED) 126650DJ6 73 2.44 0.1% LAM RESEARCH CORPORATION 1.9 15-JUN-2030 (SENIOR UNSECURED) 512807AV0 25 1.93 0.0% CVS HEALTH CORP 4.78 25-MAR-2038 (SENIOR) 126650CY4 83 3.39 0.1% LAM RESEARCH CORPORATION 2.875 15-JUN-2050 (SENIOR UNSECURED) 512807AW8 115 2.89 0.1% Pharmaceuticals 1,884 1.78 1.6% MICROCHIP TECHNOLOGY INCORPORATED 3.922 01-JUN-2021 (1ST LIEN) 595017AN4 57 2.34 0.0% ABBVIE INC 1.375 17-MAY-2024 (SENIOR) 00287YBA6 264 0.40 0.2% MICROCHIP TECHNOLOGY INCORPORATED 4.333 01-JUN-2023 (SECURED) 595017AP9 385 3.01 0.3% ABBVIE INC 2.6 21-NOV-2024 144a (SENIOR UNSECURED) 00287YBQ1 100 1.57 0.1% NVIDIA CORPORATION 2.85 01-APR-2030 (SENIOR UNSECURED) 67066GAF1 93 1.84 0.1% ABBVIE INC 2.95 21-NOV-2026 144a (SENIOR UNSECURED) 00287YBU2 97 1.94 0.1% ABBVIE INC 4.05 21-NOV-2039 144a (SENIOR UNSECURED) 00287YBR9 146 3.29 0.1% NXP BV 3.4 01-MAY-2030 144a (SENIOR UNSECURED) 62954HAD0 30 3.29 0.0% AMGEN INC 2.2 21-FEB-2027 (SENIOR UNSECURED) 031162CT5 52 1.72 0.0% NXP BV 4.875 01-MAR-2024 144a (SENIOR) 62947QAZ1 531 2.44 0.5% AMGEN INC 2.45 21-FEB-2030 (SENIOR UNSECURED) 031162CU2 156 2.05 0.1% NXP BV/NXP FUNDING LLC 4.3 18-JUN-2029 144a (SENIOR UNSECURED) 62954HAB4 14 3.45 0.0% BIOGEN INC 2.25 01-MAY-2030 (SENIOR UNSECURED) 09062XAH6 159 2.29 0.1% NXP BV/NXP FUNDING LLC/NXP USA 2.7 01-MAY-2025 144a (SENIOR UNSECURED) 62954HAE8 15 2.41 0.0% BIOGEN INC 3.15 01-MAY-2050 (SENIOR UNSECURED) 09062XAG8 146 3.30 0.1% ORACLE CORPORATION 2.4 15-SEP-2023 (SENIOR) 68389XBL8 273 0.88 0.2% BRISTOL-MYERS SQUIBB CO 2.9 26-JUL-2024 144a (SENIOR) 110122BZ0 151 1.21 0.1% ORACLE CORPORATION 2.95 01-APR-2030 (SENIOR UNSECURED) 68389XBV6 132 1.87 0.1% ELI LILLY AND COMPANY 3.375 15-MAR-2029 (SENIOR) 532457BV9 613 1.62 0.5% Transportation 1,819 4.33 1.6% Supermarkets 65 2.15 0.1% Airlines 1,066 5.61 0.9% KROGER CO 2.2 01-MAY-2030 (SENIOR UNSECURED) 501044DP3 65 2.15 0.1% DELTA AIR LINES INC 7.0 01-MAY-2025 144a (1ST LIEN) 247361ZX9 215 6.39 0.2% None 201 3.57 0.2% UNITED AIRLINES 2014-2 CLASS A PAS EETC 3.75 03-SEP-2026 (SENIOR) 90932QAA4 198 6.78 0.2% IMPERIAL BRANDS FINANCE PLC 3.5 26-JUL-2026 144a (SENIOR UNSECURED) 45262BAB9 201 3.57 0.2% UNITED AIRLINES INC 2015-1-AA 3.45 01-JUN-2029 (SECURED) 90932LAA5 652 5.00 0.6%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 44 Holdings Retiree Health Benefits Fund | April 30, 2020

Market Yield to Market Market Yield to Market Underlying Description CUSIP Underlying Description CUSIP Value (m) Worst Value % Value (m) Worst Value % Railroads 753 2.52 0.7% Financial Institutions 15,829 2.79 13.8% UNION PACIFIC CORPORATION 2.4 05-FEB-2030 (SENIOR UNSECURED) 907818FH6 405 2.03 0.4% Banking 11,820 2.30 10.3% UNION PACIFIC CORPORATION 3.25 05-FEB-2050 (SENIOR UNSECURED) 907818FK9 348 3.09 0.3% ALLY FINANCIAL INC 8.0 01-NOV-2031 (SENIOR) 36186CBY8 214 5.39 0.2% Industrial Other 321 1.91 0.3% BANK OF AMERICA CORP 2.496 13-FEB-2031 (SENIOR UNSECURED) 06051GHZ5 255 2.27 0.2% CK HUTCHISON INTERNATIONAL (17) LT 2.875 05-APR-2022 144a (SENIOR) 12563UAA5 321 1.91 0.3% BANK OF AMERICA CORP 2.592 29-APR-2031 (SENIOR UNSECURED) 06051GJB6 82 2.29 0.1% Utility 7,456 2.42 6.5% BANK OF AMERICA CORP 2.625 19-OCT-2020 (SENIOR) 06051GFT1 327 1.15 0.3% Electric 6,637 2.44 5.8% BANK OF AMERICA CORP 3.458 15-MAR-2025 (SENIOR) 06051GHR3 308 1.84 0.3% AEP TEXAS INC 3.45 15-JAN-2050 (SENIOR UNSECURED) 00108WAK6 39 2.88 0.0% BANK OF AMERICA CORP 4.083 20-MAR-2051 (SENIOR UNSECURED) 06051GJA8 109 3.04 0.1% AEP TEXAS INC 4.15 01-MAY-2049 (SENIOR) 00108WAJ9 361 3.17 0.3% BANK OF MONTREAL 1.85 01-MAY-2025 (SENIOR UNSECURED) 06367WB85 231 1.77 0.2% BB&T CORP 3.875 19-MAR-2029 (SUB) 05531GAB7 192 3.07 0.2% ATLANTIC CITY ELECTRIC CO MORT 4.0 15-OCT-2028 (SECURED) 048303CH2 34 2.16 0.0% BRANCH BANKING AND TRUST COMPANY 2.636 17-SEP-2029 (SUB) 07330MAC1 78 1.89 0.1% AVANGRID INC 3.15 01-DEC-2024 (SENIOR) 05351WAA1 167 1.68 0.1% CITIBANK NA 3.4 23-JUL-2021 (SENIOR) 17325FAQ1 517 1.19 0.4% AVANGRID INC 3.2 15-APR-2025 (SENIOR UNSECURED) 05351WAC7 143 1.99 0.1% CITIGROUP INC 2.75 24-JAN-2024 (SENIOR) BIE0YPK26 392 1.92 0.3% BERKSHIRE HATHAWAY ENERGY CO 4.25 15-OCT-2050 144a (SENIOR UNSECURED) 084659AW1 90 2.85 0.1% CITIGROUP INC 3.106 08-APR-2026 (SENIOR UNSECURED) 172967MQ1 830 2.21 0.7% CENTERPOINT ENERGY INC 3.85 01-FEB-2024 (SENIOR) 15189TAU1 555 1.89 0.5% CITIZENS FINANCIAL GROUP INC 2.85 27-JUL-2026 (SENIOR UNSECURED) 174610AR6 394 2.78 0.3% CLEVELAND ELECTRIC ILLUMINATING CO 3.5 01-APR-2028 144a (SENIOR) 186108CK0 236 2.50 0.2% CITIZENS FINANCIAL GROUP INC T2 4.3 03-DEC-2025 (SUB) 174610AK1 246 2.82 0.2% CLP POWER HONG KONG FINANCING LTD 2.875 26-APR-2023 Reg-S (SENIOR) BRSG160T7 206 1.88 0.2% CREDIT AGRICOLE SA (NEW YORK BRANC 3.25 14-JAN-2030 144a (SUB) 225313AM7 553 3.08 0.5% CONSUMERS ENERGY COMPANY MORT 3.8 15-NOV-2028 (SECURED) 210518DC7 402 1.67 0.3% CREDIT SUISSE GROUP AG 4.194 01-APR-2031 144a (SENIOR UNSECURED) 225401AP3 273 3.13 0.2% DUKE ENERGY CORP PERP 4.875 31-DEC-2049 (CAPSEC (BTP)) 26441CBG9 145 4.06 0.1% FIFTH THIRD BANCORP 2.375 28-JAN-2025 (SENIOR UNSECURED) 316773CY4 82 1.99 0.1% DUKE ENERGY INDIANA LLC 2.75 01-APR-2050 (SECURED) 26443TAC0 189 2.65 0.2% FIFTH THIRD BANCORP 3.65 25-JAN-2024 (SENIOR) 316773CX6 37 1.97 0.0% DUKE ENERGY INDIANA LLC 3.25 01-OCT-2049 (SECURED) 26443TAB2 83 2.72 0.1% FIFTH THIRD BANK T2 3.85 15-MAR-2026 (SUB) 31677AAB0 319 2.43 0.3% ENTERGY LOUISIANA LLC MORT 4.0 15-MAR-2033 (SECURED) 29364WBA5 493 2.20 0.4% GOLDMAN SACHS GROUP INC 6.0 15-JUN-2020 (SENIOR) 38141EA66 283 1.67 0.2% ENTERGY LOUISIANA LLC MORT 4.95 15-JAN-2045 (SECURED) 29364WAV0 27 3.03 0.0% GOLDMAN SACHS GROUP INC/THE 2.6 07-FEB-2030 (SENIOR UNSECURED) 38141GXG4 90 2.72 0.1% ENTERGY TEXAS INC 3.55 30-SEP-2049 (First Mortgage) 29365TAJ3 74 2.83 0.1% GOLDMAN SACHS GROUP INC/THE 3.5 01-APR-2025 (SENIOR UNSECURED) 38141GXJ8 53 2.07 0.0% EVERGY KANSAS CENTRAL INC MORT 3.45 15-APR-2050 (SECURED) 30036FAA9 167 2.71 0.1% HUNTINGTON NATIONAL BANK (THE) 3.125 01-APR-2022 (SENIOR) 44644AAH0 569 1.37 0.5% EXELON CORPORATION 3.95 15-JUN-2025 (SENIOR) 30161NAN1 353 1.68 0.3% JPMORGAN CHASE & CO 2.522 22-APR-2031 (SENIOR UNSECURED) 46647PBL9 107 2.19 0.1% FIRSTENERGY TRANSMISSION LLC 4.55 01-APR-2049 144a (SENIOR) 33767BAC3 202 3.51 0.2% JPMORGAN CHASE & CO 3.109 22-APR-2041 (SENIOR UNSECURED) 46647PBM7 62 2.81 0.1% LOUISVILLE GAS AND ELECTRIC COMPAN 4.25 01-APR-2049 (SENIOR) 546676AY3 170 2.92 0.1% JPMORGAN CHASE & CO 3.109 22-APR-2051 (SENIOR UNSECURED) 46647PBN5 93 2.83 0.1% MIDAMERICAN ENERGY COMPANY 3.15 15-APR-2050 (SENIOR) 595620AV7 97 2.50 0.1% JPMORGAN CHASE & CO 3.702 06-MAY-2030 (SENIOR) 46647PBD7 84 2.36 0.1% NATIONAL RURAL UTILITIES COOP FINA 5.25 20-APR-2046 (CAPSEC (BTP)) 637432NK7 87 4.40 0.1% JPMORGAN CHASE & CO 4.023 05-DEC-2024 (SENIOR) 46647PAY2 170 1.64 0.1% NATIONAL RURAL UTILITIES COOP FINA HYBRID 4.75 30-APR-2043 (CAPSEC (BTP)) 637432MT9 125 3.70 0.1% JPMORGAN CHASE & CO 5.0 31-DEC-2049 (JUNIOR SUB) 48128BAF8 99 4.20 0.1% NEVADA POWER COMPANY 3.125 01-AUG-2050 (SECURED) 641423CE6 70 2.77 0.1% JPMORGAN CHASE & CO PERP 4.6 31-DEC-2049 (CAPSEC (BTP)) 48128BAG6 32 4.12 0.0% NEXTERA ENERGY CAPITAL HOLDINGS IN 3.15 01-APR-2024 (SENIOR) 65339KBG4 453 1.47 0.4% KEYBANK NA T2 3.4 20-MAY-2026 (SUB) 49327V2A1 584 2.55 0.5% NRG ENERGY INC 3.75 15-JUN-2024 144a (1ST LIEN) 629377CK6 83 3.11 0.1% MORGAN STANLEY 1.66763 08-MAY-2024 (SENIOR) 61744YAG3 169 2.10 0.1% NRG ENERGY INC 4.45 15-JUN-2029 144a (1ST LIEN) 629377CL4 131 4.04 0.1% MORGAN STANLEY 2.188 28-APR-2026 (SENIOR UNSECURED) 6174468Q5 202 1.93 0.2% PACIFICORP 2.7 15-SEP-2030 (SECURED) 695114CW6 27 1.75 0.0% MORGAN STANLEY 3.622 01-APR-2031 (SENIOR UNSECURED) 6174468P7 88 2.46 0.1% PACIFICORP 3.3 15-MAR-2051 (SECURED) 695114CX4 39 2.69 0.0% MORGAN STANLEY 5.597 24-MAR-2051 (SENIOR UNSECURED) 6174468N2 129 3.33 0.1% PACIFICORP MORT 3.5 15-JUN-2029 (SECURED) 695114CU0 540 1.82 0.5% MORGAN STANLEY LT2 5.0 24-NOV-2025 (SUB) 6174467X1 254 2.47 0.2% NORTHERN TRUST CORPORATION 1.95 01-MAY-2030 (SENIOR UNSECURED) 665859AV6 155 1.97 0.1% SOUTHERN CALIFORNIA EDISON COMPANY 3.65 01-FEB-2050 (SECURED) 842400GT4 121 3.19 0.1% PNC BANK NATIONAL ASSOCIATION LT2 2.7 01-NOV-2022 (SUB) 69349LAG3 262 1.28 0.2% SOUTHERN CALIFORNIA EDISON COMPANY 4.875 01-MAR-2049 (SECURED) 842400GR8 186 3.37 0.2% PNC FINANCIAL SERVICES GROUP INC ( 2.6 23-JUL-2026 (SENIOR UNSECURED) 693475AX3 373 1.81 0.3% SOUTHERN CALIFORNIA EDISON COMPANY MORT 4.0 01-APR-2047 (SECURED) 842400GG2 89 3.36 0.1% REGIONS FINANCIAL CORPORATION 2.75 14-AUG-2022 (SENIOR) 7591EPAM2 51 1.92 0.0% TRANS-ALLEGHENY INTERSTATE LINE CO 3.85 01-JUN-2025 144a (SENIOR) 893045AE4 62 1.38 0.1% REGIONS FINANCIAL CORPORATION 3.8 14-AUG-2023 (SENIOR) 7591EPAP5 96 1.95 0.1% VISTRA OPERATIONS COMPANY LLC 3.55 15-JUL-2024 144a (1ST LIEN) 92840VAD4 214 3.34 0.2% STATE STREET CORP 3.3 16-DEC-2024 (SENIOR) 857477AN3 348 1.23 0.3% XCEL ENERGY INC 2.6 01-DEC-2029 (SENIOR UNSECURED) 98389BAW0 42 2.06 0.0% SUNTRUST BANK BN 2.45 01-AUG-2022 (SENIOR) 86787EAT4 82 1.40 0.1% XCEL ENERGY INC 3.4 01-JUN-2030 (SENIOR UNSECURED) 98389BAY6 61 2.08 0.1% SUNTRUST BANK BN 3.0 02-FEB-2023 (SENIOR) 86787EAV9 63 1.43 0.1% XCEL ENERGY INC 3.5 01-DEC-2049 (SENIOR UNSECURED) 98389BAX8 73 2.98 0.1% SUNTRUST BANKS INC 2.7 27-JAN-2022 (SENIOR) 867914BM4 180 1.31 0.2% Natural Gas 360 2.29 0.3% US BANCORP 3.0 30-JUL-2029 (SUB) 91159HHW3 217 2.37 0.2% BROOKLYN UNION GAS CO 3.865 04-MAR-2029 144a (SENIOR) 114259AT1 260 2.29 0.2% US BANCORP 3.95 17-NOV-2025 (SENIOR) 91159HHU7 108 1.09 0.1% NISOURCE INC 3.6 01-MAY-2030 (SENIOR UNSECURED) 65473PAJ4 101 2.28 0.1% US BANCORP CAPITAL I T1-P 5.125 31-DEC-2049 (CAPSEC (BTP)) 902973AY2 320 5.13 0.3% Utility Other 459 2.18 0.4% US BANCORP LT2 3.6 11-SEP-2024 (SUB) 91159HHK9 447 1.53 0.4% AMERICAN WATER CAPITAL CORP 3.45 01-JUN-2029 (SENIOR) 03040WAU9 329 1.96 0.3% WELLS FARGO & COMPANY 3.068 30-APR-2041 (SENIOR UNSECURED) 95000U2Q5 69 3.13 0.1% ESSENTIAL UTILITIES INC 2.704 15-APR-2030 (SENIOR UNSECURED) 29670GAD4 67 2.39 0.1% WELLS FARGO CAPITAL X T1 5.95 01-DEC-2086 (CAPSEC (BTP)) 949746NL1 285 3.53 0.2% ESSENTIAL UTILITIES INC 3.351 15-APR-2050 (SENIOR UNSECURED) 29670GAE2 63 3.10 0.1% ZIONS BANCORPORATION NATIONAL ASSO 3.35 04-MAR-2022 (SENIOR) 98971DAA8 252 3.22 0.2%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 45 Holdings Retiree Health Benefits Fund | April 30, 2020

Market Yield to Market Market Yield to Market Underlying Description CUSIP Underlying Description CUSIP Value (m) Worst Value % Value (m) Worst Value % Brokerage/Asset Managers/Exchanges 989 2.94 0.9% Building Materials 877 6.30 0.8% CHARLES SCHWAB CORPORATION (THE) 3.2 25-JAN-2028 (SENIOR) 808513AU9 38 2.21 0.0% BMC EAST LLC 5.5 01-OCT-2024 144a (SECURED) 055604AA0 120 6.63 0.1% CHARLES SCHWAB CORPORATION (THE) 3.25 21-MAY-2021 (SENIOR) 808513AW5 36 1.16 0.0% BOISE CASCADE CO 5.625 01-SEP-2024 144a (SENIOR) 09739DAC4 121 5.51 0.1% CHARLES SCHWAB CORPORATION (THE) 3.85 21-MAY-2025 (SENIOR) 808513AX3 229 1.17 0.2% NEW ENTERPRISE STONE & LIME CO INC 10.125 01-APR-2022 144a (SENIOR) 644274AE2 215 10.14 0.2% CHARLES SCHWAB CORPORATION (THE) PERP 5.375 31-DEC-2049 (CAPSEC (BTP)) 808513BD6 109 4.52 0.1% STANDARD INDUSTRIES INC (DELAWARE) 6.0 15-OCT-2025 144a (SENIOR) 120111BN8 421 4.46 0.4% JEFFERIES GROUP INC 6.5 20-JAN-2043 (SENIOR) 472319AM4 108 6.02 0.1% Construction Machinery 585 5.17 0.5% JEFFERIES GROUP LLC 4.15 23-JAN-2030 (SENIOR) 47233JBH0 146 4.22 0.1% UNITED RENTALS (NORTH AMERICA) INC 5.25 15-JAN-2030 (SENIOR) 911365BL7 220 5.14 0.2% TIAA ASSET MANAGEMENT FINANCE COMP 4.125 01-NOV-2024 144a (SENIOR) 87246YAC0 324 2.33 0.3% UNITED RENTALS (NORTH AMERICA) INC 5.875 15-SEP-2026 (SENIOR) 911365BE3 216 5.00 0.2% Finance Companies 628 6.57 0.5% UNITED RENTALS (NORTH AMERICA) INC 6.5 15-DEC-2026 (SENIOR) 911365BK9 149 5.45 0.1% AERCAP IRELAND CAPITAL LTD / AERCA 3.65 21-JUL-2027 (SENIOR) 00774MAB1 337 6.58 0.3% Diversified Manufacturing 217 6.09 0.2% AIR LEASE CORPORATION 3.0 01-FEB-2030 (SENIOR UNSECURED) 00914AAG7 134 5.69 0.1% ENPRO INDUSTRIES INC 5.75 15-OCT-2026 (SENIOR) 29355XAG2 217 6.09 0.2% INTERNATIONAL LEASE FINANCE CORP 8.625 15-JAN-2022 (SENIOR) 459745GK5 157 7.31 0.1% Packaging 639 6.37 0.6% Insurance 1,513 5.53 1.3% ARDAGH PACKAGING FINANCE PLC/ARDAG 6.0 15-FEB-2025 144a (SENIOR) 03969AAL4 285 5.72 0.2% Life Insurance 911 8.29 0.8% BERRY GLOBAL ESCROW CORPORATION 5.625 15-JUL-2027 144a (2ND LIEN) 085770AB1 259 4.60 0.2% METLIFE INC 3.6 13-NOV-2025 (SENIOR) 59156RBQ0 195 1.62 0.2% BWAY HOLDING CO 7.25 15-APR-2025 144a (SENIOR) 12429TAE4 95 13.19 0.1% METLIFE INC T1-P 5.25 31-DEC-2049 (CAPSEC (BTP)) 59156RBP2 93 50.00 0.1% Environmental 209 6.45 0.2% PRUDENTIAL FINANCIAL INC HYBRID 5.375 15-MAY-2045 (CAPSEC (BTP)) 744320AV4 313 4.98 0.3% COVANTA HOLDING CORP 5.875 01-JUL-2025 (SENIOR) 22282EAG7 209 6.45 0.2% PRUDENTIAL FINANCIAL INC PERP 3.7 13-MAR-2051 (CAPSEC (BTP)) 74432QCF0 166 3.36 0.1% Communications 3,777 5.85 3.3% Cable and Satellite 1,926 5.32 1.7% REINSURANCE GROUP OF AMERICA INCOR 3.9 15-MAY-2029 (SENIOR) 759351AN9 144 3.22 0.1% ALTICE FINANCING SA 5.0 15-JAN-2028 144a (SECURED) 02154CAF0 199 5.30 0.2% Property and Casualty 602 1.35 0.5% CCO HOLDINGS LLC 4.5 15-AUG-2030 144a (SENIOR UNSECURED) 1248EPCE1 489 4.35 0.4% CHUBB INA HOLDINGS INC 0.875 15-JUN-2027 (SENIOR) 171239AC0 543 1.10 0.5% CCO HOLDINGS LLC 5.375 01-JUN-2029 144a (SENIOR) 1248EPCB7 346 4.37 0.3% XLIT LTD T2 5.5 31-MAR-2045 (CAPSEC (BTP)) 98420EAD7 58 3.69 0.1% CONNECT FINCO SARL 6.75 01-OCT-2026 144a (SECURED) 20752TAA2 323 7.58 0.3% REITs 539 2.38 0.5% LCPR SENIOR SECURED FINANCING DAC 6.75 15-OCT-2027 144a (1ST LIEN) 50201DAA1 239 5.85 0.2% Other REIT 539 2.38 0.5% RADIATE HOLDCO LLC / RADIATE FINAN 6.625 15-FEB-2025 144a (SENIOR) 75026JAA8 131 6.69 0.1% AMTT_13-2A 3.07 15-MAR-2048 144a 03027WAJ1 259 1.92 0.2% SIRIUS XM RADIO INC 5.0 01-AUG-2027 144a (SENIOR) 82967NBA5 114 4.41 0.1% CUBESMART LP 3.0 15-FEB-2030 (SENIOR UNSECURED) 22966RAF3 69 3.27 0.1% SIRIUS XM RADIO INC 5.375 15-JUL-2026 144a (SENIOR) 82967NAW8 85 3.82 0.1% DIGITAL REALTY TRUST LP 3.6 01-JUL-2029 (SENIOR UNSECURED) 25389JAU0 212 2.67 0.2% Media and Entertainment 311 8.75 0.3% Financial Other 340 0.94 0.3% CLEAR CHANNEL WORLDWIDE HOLDINGS I 9.25 15-FEB-2024 144a (SENIOR SUB) 18451QAN8 76 15.00 0.1% None 340 0.94 0.3% GRAY ESCROW INC 7.0 15-MAY-2027 144a (SENIOR) 389284AA8 235 6.72 0.2% VONOVIA FINANCE BV 1.5 22-MAR-2026 Reg-S (SENIOR) BRTFYMNM7 340 0.94 0.3% Wireless 758 5.15 0.7% High Yield 17,855 6.58 15.5% ALTICE FRANCE HOLDING S.A. 10.5 15-MAY-2027 144a (SENIOR UNSECURED) 02156TAB0 237 8.06 0.2% Industrial 13,912 6.99 12.1% SPRINT CAPITAL CORPORATION 8.75 15-MAR-2032 (SENIOR) 852060AT9 71 4.31 0.1% Basic Industry 1,076 8.01 0.9% SPRINT CORP 7.125 15-JUN-2024 (SENIOR) 85207UAH8 156 3.75 0.1% Chemicals 337 6.52 0.3% SPRINT CORP 7.875 15-SEP-2023 (SENIOR) 85207UAF2 294 3.74 0.3% METHANEX CORPORATION 5.25 15-DEC-2029 (SENIOR) 59151KAL2 61 7.55 0.1% Wirelines 782 6.67 0.7% OLIN CORP 5.0 01-FEB-2030 (SENIOR) 680665AK2 191 6.73 0.2% CENTURYLINK INC 5.125 15-DEC-2026 144a (SENIOR UNSECURED) 156700BB1 336 5.98 0.3% POLYONE CORPORATION 5.75 15-MAY-2025 144a (SENIOR UNSECURED) 73179PAM8 85 5.33 0.1% FRONT RANGE BIDCO INC 6.125 01-MAR-2028 144a (SENIOR UNSECURED) 98919VAB1 229 7.01 0.2% Metals and Mining 739 8.70 0.6% FRONTIER COMMUNICATIONS CORP 8.0 01-APR-2027 144a (SECURED) 35906ABC1 216 7.40 0.2% FREEPORT-MCMORAN COPPER & GOLD INC 5.45 15-MAR-2043 (SENIOR) 35671DBC8 231 6.04 0.2% Consumer Cyclical 1,469 6.80 1.3% HUDBAY MINERALS INC 7.625 15-JAN-2025 144a (SENIOR) 443628AG7 144 10.07 0.1% Automotive 192 6.23 0.2% IAMGOLD CORP 7.0 15-APR-2025 144a (SENIOR) 450913AE8 36 6.43 0.0% ALLISON TRANSMISSION INC 5.875 01-JUN-2029 144a (SENIOR) 019736AF4 192 6.23 0.2% JOSEPH T RYERSON & SON INC 11.0 15-MAY-2022 144a (SECURED) 48088LAA5 81 12.93 0.1% Gaming 638 8.18 0.6% NOVELIS CORP 5.875 30-SEP-2026 144a (SENIOR) 670001AC0 151 6.31 0.1% BOYD GAMING CORPORATION 6.0 15-AUG-2026 (SENIOR) 103304BQ3 282 7.79 0.2% TMS INTERNATIONAL CORP 7.25 15-AUG-2025 144a (SENIOR) 87261QAB9 96 13.99 0.1% MGM GROWTH PROPERTIES OPERATING PA REIT 5.75 01-FEB-2027 (SENIOR) 55303XAJ4 206 5.46 0.2% Capital Goods 2,873 6.53 2.5% MGM RESORTS INTERNATIONAL 5.75 15-JUN-2025 (SENIOR) 552953CE9 35 6.53 0.0% Aerospace and Defense 347 10.00 0.3% SCIENTIFIC GAMES INTERNATIONAL INC 8.25 15-MAR-2026 144a (SENIOR) 80874YBA7 116 14.45 0.1% BOMBARDIER INC 7.5 15-MAR-2025 144a (SENIOR) 097751BM2 73 18.62 0.1% Home Construction 311 6.07 0.3% BOMBARDIER INC 7.875 15-APR-2027 144a (SENIOR) 097751BT7 31 16.40 0.0% LENNAR CORPORATION 5.0 15-JUN-2027 (SENIOR) 526057CV4 132 4.40 0.1% TRANSDIGM INC 6.25 15-MAR-2026 144a (SECURED) 893647BE6 243 6.59 0.2% M/I HOMES INC 5.625 01-AUG-2025 (SENIOR) 55305BAQ4 179 7.30 0.2%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 46 Holdings Retiree Health Benefits Fund | April 30, 2020

Market Yield to Market Market Yield to Market Underlying Description CUSIP Underlying Description CUSIP Value (m) Worst Value % Value (m) Worst Value % Retailers 224 4.79 0.2% Financial Institutions 2,967 5.28 2.6% MURPHY OIL USA INC 5.625 01-MAY-2027 (SENIOR) 626738AD0 224 4.79 0.2% Banking 1,266 5.72 1.1% CREDIT SUISSE GROUP AG AT1-P 6.25 31-DEC-2049 144a (CAPSEC (BTP)) 225436AA2 421 4.28 0.4% Consumer Cyclical Services 105 5.95 0.1% MORGAN STANLEY AT1-P 5.55 31-DEC-2049 (CAPSEC (BTP)) 617474AA9 23 4.90 0.0% PRIME SECURITY SERVICES BORROWER L 5.75 15-APR-2026 144a (SECURED) 74166MAC0 105 5.95 0.1% ROYAL BANK OF SCOTLAND GROUP PLC AT1-P 8.625 31-DEC-2049 (CAPSEC (BTP)) 780097BB6 619 6.66 0.5% Consumer Non-Cyclical 1,563 4.60 1.4% UBS GROUP FUNDING SWITZERLAND AG AT1-P 6.875 31-DEC-2049 Reg-S (CAPSEC (BTP)) BRT0458G0 203 5.91 0.2% Healthcare 1,295 5.13 1.1% Insurance 1,701 4.96 1.5% CHARLES RIVER LABORATORIES INTERNA 5.5 01-APR-2026 144a (SENIOR) 159864AC1 263 4.54 0.2% Health Insurance 866 3.07 0.8% ENCOMPASS HEALTH CORP 4.75 01-FEB-2030 (SENIOR UNSECURED) 29261AAB6 94 4.67 0.1% CENTENE CORPORATION 3.375 15-FEB-2030 144a (SENIOR UNSECURED) 15135BAU5 586 3.20 0.5% HCA INC 5.375 01-FEB-2025 (SENIOR) 404119BR9 257 3.52 0.2% CENTENE CORPORATION 4.625 15-DEC-2029 144a (SENIOR UNSECURED) 15135BAS0 280 2.78 0.2% HCA INC 5.875 01-FEB-2029 (SENIOR) 404119BW8 128 3.76 0.1% Property and Casualty 835 6.93 0.7% HCA INC 7.58 15-SEP-2025 (SENIOR) 19767QAQ8 98 4.51 0.1% ASSUREDPARTNERS INC 7.0 15-AUG-2025 144a (SENIOR) 04624VAA7 109 8.49 0.1% HEALTHSOUTH CORPORATION 5.75 15-SEP-2025 (SENIOR) 421924BT7 113 5.02 0.1% GTCR (AP) FINANCE INC 8.0 15-MAY-2027 144a (SENIOR) 40060QAA3 5 9.13 0.0% TENET HEALTHCARE CORPORATION 5.125 01-MAY-2025 (SECURED) 88033GCU2 44 6.52 0.0% HUB INTERNATIONAL LTD 7.0 01-MAY-2026 144a (SENIOR) 44332PAD3 262 7.15 0.2% USIS MERGER SUB INC 6.875 01-MAY-2025 144a (SENIOR) 91739VAA6 459 6.40 0.4% TENET HEALTHCARE CORPORATION 6.875 15-NOV-2031 (SENIOR) 88033GAV2 90 8.65 0.1% Bank Loans 7,652 5.77 6.7% TENET HEALTHCARE CORPORATION 8.125 01-APR-2022 (SENIOR) 88033GCE8 209 7.42 0.2% IG Rated 233 2.55 0.2% Pharmaceuticals 268 2.03 0.2% Financial Institutions 233 2.55 0.2% BAUSCH HEALTH COMPANIES INC 5.5 01-NOV-2025 144a (SECURED) 91911KAN2 268 2.03 0.2% Brokerage/Asset Managers/Exchanges 233 2.55 0.2% Energy 2,070 11.72 1.8% RPI 2019 INTERMEDIATE FINANCE TRUS TL-B 2.07963 07-FEB-2027 BIE1RJFP1 233 2.55 0.2% Independent 900 10.71 0.8% HY Rated 7,419 5.88 6.4% CONTINENTAL RESOURCES INC 3.8 01-JUN-2024 (SENIOR) 212015AN1 186 8.93 0.2% Industrial 5,990 5.24 5.2% MURPHY OIL CORPORATION 5.75 15-AUG-2025 (SENIOR) 626717AJ1 71 14.11 0.1% Capital Goods 890 4.56 0.8% MURPHY OIL CORPORATION 5.875 01-DEC-2027 (SENIOR UNSECURED) 626717AM4 206 12.48 0.2% Aerospace and Defense 263 5.12 0.2% OCCIDENTAL PETROLEUM CORPORATION 2.9 15-AUG-2024 (SENIOR UNSECURED) 674599CW3 89 9.74 0.1% TRANSDIGM INC TL-F 2.57963 31-DEC-2025 BIE1R25F1 263 5.12 0.2% Building Materials 262 3.97 0.2% SOUTHWESTERN ENERGY COMPANY 7.75 01-OCT-2027 (SENIOR) 845467AN9 349 10.16 0.3% QUIKRETE HOLDINGS INC TL-B 2.82963 29-JAN-2027 BIE1QSMT6 262 3.97 0.2% Oil Field Services 169 31.64 0.1% Diversified Manufacturing 53 6.44 0.0% PRECISION DRILLING CORPORATION 7.125 15-JAN-2026 144a (SENIOR) 740212AL9 45 28.92 0.0% HUSKY IMS (TITAN ACQUISITION LTD) TL-B 5.23438 28-MAR-2025 BRTFW0YQ6 53 6.44 0.0% PRECISION DRILLING CORPORATION 7.75 15-DEC-2023 (SENIOR) 740212AK1 50 36.33 0.0% Packaging 312 4.26 0.3% TRANSOCEAN INC 7.25 01-NOV-2025 144a (SENIOR) 893830BK4 75 30.14 0.1% BERRY GLOBAL INC TL-U 01-JUL-2026 BIE1NY136 238 3.12 0.2% Midstream 1,000 9.27 0.9% BWAY HOLDING COMPANY TL-B 5.5895 03-APR-2024 BRT92S469 74 7.94 0.1% CHENIERE ENERGY PARTNERS LP 5.25 01-OCT-2025 (SENIOR) 16411QAB7 150 6.11 0.1% Communications 988 3.74 0.9% CRESTWOOD MIDSTREAM PARTNERS LP 5.625 01-MAY-2027 144a (SENIOR) 226373AQ1 161 13.32 0.1% Cable and Satellite 109 5.02 0.1% ENERGY TRANSFER OPERATING LP PERP 7.125 15-DEC-2049 (CAPSEC (BTP)) 29278NAT0 143 8.43 0.1% RCN GRANDE COMMUNICATIONS TL 5.23438 01-FEB-2024 BRT72SAC3 109 5.02 0.1% GENESIS ENERGY LP/ GENESIS ENERGY 6.5 01-OCT-2025 (SENIOR) 37185LAJ1 251 10.27 0.2% Media and Entertainment 515 3.31 0.4% TARGA RESOURCES PARTNERS LP 5.375 01-FEB-2027 (SENIOR) 87612BBE1 139 8.22 0.1% LAMAR MEDIA CORP TL-B 1.82963 30-JAN-2027 BIE1QT274 288 2.44 0.3% NEXSTAR BROADCASTING INC TL-B 19-SEP-2026 BIE19VQF4 227 4.41 0.2% TARGA RESOURCES PARTNERS LP 5.875 15-APR-2026 (SENIOR) 87612BBJ0 157 8.20 0.1% Wirelines 365 3.96 0.3% Technology 1,084 5.81 0.9% CENTURYLINK INC TL-B 2.57963 15-MAR-2027 BIE1QN053 261 3.46 0.2% CDK GLOBAL INC 5.0 15-OCT-2024 (SENIOR) 12508EAD3 276 3.93 0.2% FRONTIER COMMUNICATIONS CORPORATIO TL-B1 5.99 15-JUN-2024 BRTAJJRQ9 104 5.22 0.1% COMMSCOPE TECHNOLOGIES LLC 5.0 15-MAR-2027 144a (SENIOR) 20338HAB9 174 7.63 0.2% Consumer Cyclical 286 4.38 0.2% IRON MOUNTAIN US HOLDINGS INC 5.375 01-JUN-2026 144a (SENIOR) 46289RAA3 187 5.32 0.2% Gaming 286 4.38 0.2% SS&C TECHNOLOGIES INC 5.5 30-SEP-2027 144a (SENIOR) 78466CAC0 216 4.81 0.2% STARS GROUP HOLDINGS (AMAYA) TL 5.82988 10-JUL-2025 BRTJGZKC5 286 4.38 0.2% VERSCEND ESCROW CORP 9.75 15-AUG-2026 144a (SENIOR) 92535WAA8 230 8.03 0.2% Consumer Non-Cyclical 1,534 5.38 1.3% Utility 976 4.65 0.8% Consumer Products 266 2.68 0.2% Electric 892 4.27 0.8% REYNOLDS CONSUMER PRODUCTS LLC TL 04-FEB-2027 BIE1QUZW0 266 2.68 0.2% CALPINE CORP 5.25 01-JUN-2026 144a (SECURED) 131347CK0 230 4.63 0.2% Food and Beverage 41 34.62 0.0% PABST BREWING CO(BLUE RIBBON LLC) TL 6.26563 15-NOV-2021 BRSQAA876 41 34.62 0.0% VISTRA OPERATIONS COMPANY LLC 5.0 31-JUL-2027 144a (SENIOR UNSECURED) 92840VAF9 142 4.36 0.1% Healthcare 816 6.15 0.7% VISTRA OPERATIONS COMPANY LLC 5.5 01-SEP-2026 144a (SENIOR) 92840VAA0 264 4.35 0.2% AIR MEDICAL GROUP HOLDINGS INC TL-B 5.432 28-APR-2022 BRTFHAZF4 78 8.75 0.1% VISTRA OPERATIONS COMPANY LLC 5.625 15-FEB-2027 144a (SENIOR) 92840VAB8 255 3.82 0.2% ATHENAHEALTH INC TL-B 6.68104982456013 11-FEB-2026 BRTQBPMR1 278 6.60 0.2% Natural Gas 85 8.60 0.1% EXAMWORKS GROUP INC TL-B 5.48438 27-JUL-2023 BRT8B6006 233 5.52 0.2% NISOURCE INC PERP 5.65 31-DEC-2049 (SUB) 65473PAG0 85 8.60 0.1% KINDRED AT HOME TL 4.15363 02-JUL-2025 BIE1QN3B7 227 5.36 0.2%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 47 Holdings Retiree Health Benefits Fund | April 30, 2020

Market Yield to Market Market Yield to Market Underlying Description CUSIP Underlying Description CUSIP Value (m) Worst Value % Value (m) Worst Value % Pharmaceuticals 411 2.65 0.4% Other 0 0.00 0.0% ELANCO ANIMAL HEALTH INC TL-B 2.15363 04-FEB-2027 BIE1R6Z77 411 2.65 0.4% BPM02020C 708 0.01 0.6% Energy 171 8.22 0.1% BPM02020T -708 0.01 -0.6% Oil Field Services 14 50.00 0.0% ECM02020C 5,066 0.01 4.4% SUMMIT MIDSTREAM PARTNERS HOLDINGS TL-B 8.23438 13-MAY-2022 BRT96ZC52 14 50.00 0.0% ECM02020T -5,066 0.00 -4.4% Midstream 157 4.41 0.1% Cash Securities 435 -0.69 0.4% HERCULES MERGER SUB LLC TL 4.2005 16-OCT-2026 BIE1HL6J1 157 4.41 0.1% Cash & Cash Equivalents 435 -0.69 0.4% Technology 1,472 7.00 1.3% CAD 38 0.60 0.0% None 1,472 7.00 1.3% FUTURES CAD MARGIN BALANCE 01-JAN-2050 MARGNCAD0 38 0.60 0.0% APPLIED SYSTEMS INC TL 9.32988 19-SEP-2025 BRTCJNPC9 335 8.93 0.3% EUR 557 -0.46 0.5% INFORMATICA CORP TL-B 4.70013 14-FEB-2025 BIE1RVVX9 170 5.26 0.1% EUR CASH(COMMITTED) EUR_CCASH 256 -0.46 0.2% INFORMATICA LLC TL-B 3.57963 14-FEB-2027 BIE1RVSN5 107 4.22 0.1% FUTURES EUR MARGIN BALANCE 01-JAN-2050 MARGNEUR3 301 -0.46 0.3% KRONOS INCORPORATED TL 10.50313 01-NOV-2024 BRT5S1CX0 266 10.48 0.2% GBP 121 0.20 0.1% KRONOS INCORPORATED TL 5.25313 01-NOV-2023 BRTA784A6 290 5.12 0.3% FUTURES GBP MARGIN BALANCE 01-JAN-2050 MARGNGBP3 88 0.20 0.1% ULTIMATE SOFTWARE GROUP INC (THE) TL-B 6.07988 15-APR-2026 BRTSAM3J4 195 5.24 0.2% GBP CASH(COMMITTED) GBP_CCASH 33 0.20 0.0% VERSCEND HOLDING CORP TL-B 6.73438 27-AUG-2025 BRTKNA3H7 109 6.13 0.1% USD -281 0.33 -0.2% Transportation 82 10.40 0.1% CASH COLLATERAL USD JPM IM FUT 31-DEC-2049 CSHJPIM07 525 0.33 0.5% Airlines 82 10.40 0.1% FUTURES USD MARGIN BALANCE 01-JAN-2050 MARGNUSD1 -427 0.33 -0.4% AMERICAN AIRLINES INC TL-B 4.19513 14-DEC-2023 BRTDLDWF1 82 10.40 0.1% USD CASH(COMMITTED) USD_CCASH -379 0.33 -0.3% Industrial Other 567 2.81 0.5% INGERSOLL-RAND SERVICES CO TL-B 2.07963 28-FEB-2027 BIE1RJ8E4 380 2.94 0.3% RPI INTERMEDIATE FINANCE TRUST TL-B 2.07963 07-FEB-2027 BIE1RJF22 187 2.55 0.2% Utility 552 13.91 0.5% Electric 228 19.84 0.2% CALPINE CORPORATION TL-B5 15-JAN-2024 BIE1PH1F4 61 3.49 0.1% PANDA LIBERTY LLC TL-B2 7.9505 21-AUG-2020 BIE1PSX57 117 29.40 0.1% PANDA PATRIOT LLC TL-B2-DD 19-DEC-2020 BIE1SBJF5 50 17.41 0.0% Natural Gas 66 17.05 0.1% PANDA PATRIOT LLC TL-B1 7.2005 19-DEC-2020 BIE1QQL04 66 17.05 0.1% Utility Other 258 7.85 0.2% USIC HOLDINGS (US INFRASTRUCTURE) TL-B 5.23438 08-DEC-2023 BRTAY5C13 258 7.85 0.2% Financial Institutions 877 5.14 0.8% Finance Companies 78 6.00 0.1% RUSSELL INVESTMENT MANAGEMENT COMP TL-B 01-JUN-2023 BIE1SKRG4 78 6.00 0.1% Insurance 799 5.05 0.7% Property and Casualty 799 5.05 0.7% ACRISURE LLC TL-B 3.82963 31-JAN-2027 BIE1R24G0 560 5.12 0.5% ASSUREDPARTNERS INC TL-B 11-FEB-2027 BIE1SGU95 104 4.95 0.1% HUB INTERNATIONAL LTD TL-B 5.26666502525253 25-APR-2025 BRTGX52M6 135 4.85 0.1% US Municipals 379 2.76 0.3% Taxable 379 2.76 0.3% Other 379 2.76 0.3% MET GOVT NASHVILLE & DAVIDSON 4.053 01-JUL-2026 592041WJ2 379 2.76 0.3% Derivatives 0 0.49 0.0% Futures 0 0.49 0.0% CAN 10YR BOND JUN 20 CN 19-JUN-2020 CNM020209 0 0.57 0.0% EURO BUXL 30YR BOND JUN 20 UB 08-JUN-2020 UBM020205 0 0.22 0.0% EURO-BOBL JUN 20 OE 08-JUN-2020 OEM020206 0 -0.01 0.0% EURO-BUND JUN 20 RX 08-JUN-2020 RXM020201 0 0.45 0.0% LONG GILT JUN 20 G 26-JUN-2020 GM0202007 0 0.09 0.0% US 10YR NOTE JUN 20 TY 19-JUN-2020 TYM020207 0 0.06 0.0% US 5YR NOTE JUN 20 FV 30-JUN-2020 FVM020208 0 0.26 0.0%

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 48 Important notice and disclaimer

Future results are impossible to predict. This document contains opinions, conclusions, estimates and other paying. A portfolio may then have to reinvest that money at a lower interest rate. forward-looking statements which are, by their very nature, subject to various risks and uncertainties. Actual CDS = Credit Default Swap; MBS = Mortgage Backed Security; ABS = Asset-Backed Securities; CMBS = events or results may differ materially, positively or negatively, from those reflected or contemplated in such Commercial Mortgage Backed Security; YTW = Yield to worst, which is the lowest potential yield that can be forward-looking statements. Past performance is not a reliable indicator of future performance. Investing involves received on a bond without the issuer actually defaulting; Alpha = A systematic risk (beta)- adjusted return and is risk including the possible loss of principal. a measure of the difference between a fund's actual returns and its expected performance; Tracking error = a measure of the risk in an investment portfolio that is due to active management decisions made by the portfolio This document does not contain all the information necessary to fully evaluate any investment program, and manager; it indicates how closely a portfolio follows the index to which it is benchmarked. reliance should not be placed on the contents of this document. Any decision with respect to any investment program referred to herein should be made based solely upon appropriate due diligence by the prospective The Strategies may invest in derivatives, which may involve additional expenses and are subject to risk, including investor. The investment capabilities described herein involve risks due, among other things, to the nature of the the risk that an underlying security or securities index moves in the opposite direction from what the portfolio underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that manager anticipated. A derivative transaction depends upon the counterparties’ ability to fulfill their contractual any particular investment objective will be realized or any investment strategy seeking to achieve such objective obligations. will be successful. International investments entail risks not ordinarily associated with U.S. investments including fluctuation in No representation or warranty, express or implied, is made as to the accuracy or completeness of the currency values, differences in accounting principles, or economic or political instability in other nations. information, opinions and conclusions contained in this document. In preparing this document, reliance has been Investing in emerging markets can be riskier than investing in established foreign markets due to increased placed, without independent verification, on the accuracy and completeness of all information available from volatility and lower trading volume. external sources. Per Standard & Poor’s credit rating agency, bonds rated below AAA are more susceptible to the adverse effects To the maximum extent permitted by law, none of the entities under Macquarie Investment Management nor any of changes in circumstances and economic conditions than those in higher-rated categories, but the obligor’s other member of the Macquarie Group nor their directors, employees or agents accept any liability for any loss capacity to meet its financial commitment on the obligation is still strong. Bonds rated BBB exhibit adequate arising from the use of this document, its contents or otherwise arising in connection with it.The following protection parameters, although adverse economic conditions or changing circumstances are more likely to lead investment advisers form part of Macquarie Group’s investment management business, Macquarie Investment to a weakened capacity of the obligor to meet its financial commitments. Bonds rated BB, B, and CCC are Management: Macquarie Investment Management Business Trust, Macquarie Funds Management Hong Kong regarded as having significant speculative characteristics with BB indicating the least degree of speculation. Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management Duration is a measure of the sensitivity of the price of a fixed income investment to a change in interest rates. LLC, and Macquarie Investment Management Europe S.A. Duration is expressed as a number of years. Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund's potential volatility. Diversification may not protect against market risk. Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price The performance data quoted represent past performances; past performance does not guarantee future at which a portfolio has valued them. results. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. The views expressed represent the Manager's assessment of the market environment as of December 2019, The Bloomberg Barclays U.S. Corporate Investment Grade Index is composed of U.S. dollar–denominated, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as investment grade, SEC-registered corporate bonds issued by industrial, utility, and financial companies. All research or investment advice. bonds in the index have at least one year to maturity. Advisory services may be provided by an affiliate. The Bloomberg Barclays Long U.S. Corporate Index is composed of U.S. dollar–denominated, investment All third-party marks cited are the property of their respective owners. grade, SEC-registered corporate bonds issued by industrial, utility, and financial companies. All bonds in the index have at least 10 years to maturity. Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. The Bloomberg Barclays Long U.S. Government/Credit Index is composed of publicly issued investment grade They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal corporate and U.S. government debt securities with maturities of 10 years or more. payments on its debt. The BofA Merrill Lynch U.S. High Yield Constrained Index tracks the performance of U.S. dollar–denominated High yielding, noninvestment grade bonds (junk bonds) involve higher risk than investment grade bonds. high yield corporate debt publicly issued in the U.S. domestic market, but caps individual issuer exposure at 2% The Strategies may also be subject to prepayment risk, the risk that the principal of a bond that is held by a of the benchmark. portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was The S&P/LSTA (Loan Syndications and Trading Association) Leveraged Loan Index is a broad index designed to reflect the market-value-weighted performance of U.S. dollar-denominated institutional leveraged loans.

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 49 Important notice and disclaimer

For recipients in the United States, this document is provided by Macquarie Investment Management Business Trust (MIMBT). Institutional investment management is provided by Macquarie Investment Management Advisers (MIMA), a series of MIMBT. MIMBT is a U.S. registered investment advisor, and may not be able to provide investment advisory services to certain clients in certain jurisdictions. Macquarie Group, its employees and officers may act in different, potentially conflicting, roles in providing the financial services referred to in this document. The Macquarie Group entities may from time to time act as trustee, administrator, registrar, custodian, investment manager or investment advisor, representative or otherwise for a product or may be otherwise involved in or with, other products and clients which have similar investment objectives to those of the products described herein. Due to the conflicting nature of these roles, the interests of Macquarie Group may from time to time be inconsistent with the Interests of investors. Macquarie Group entities may receive remuneration as a result of acting in these roles. Macquarie Group has conflict of interest policies which aim to manage conflicts of interest. All third-party marks cited are the property of their respective owners. © 2020 Macquarie Group Limited

Global Credit LA Water – 2020 annual | For Institutional Investors and Investment Professionals Only. PAGE 50